Systems and methods for facilitating a secure transaction at a non-financial institution system

ABSTRACT

The systems and methods discussed herein relate to securely transferring funds over a private network. Receiving transaction data related to a fund transfer including a tokenized financial instrument, providing to a sender financial institution the tokenized financial instrument to enable the sender financial institution to de-tokenize the tokenized financial instrument and identify an account of the sender, receiving a sender private identifier generated by the sender financial institution, providing to the sender financial institution the transfer amount of the fund transfer to enable the sender financial institution to transfer funds, providing a transaction identifier and a recipient private identifier to the recipient financial institution to enable the recipient financial institution to receive an ACH message from the sender financial institution over the ACH network, the ACH message indicating payment from the sender financial institution to the recipient financial institution to perform the fund transfer with funds over the ACH network.

CLAIM OF PRIORITY AND INCORPORATION BY REFERENCE

The present application claims priority under 35 U.S.C. §119(a) to Prov.U.S. Pat. App. Ser. No. 62/192,008, entitled, “Systems and Methods forTransactions Including at Least One Customer of a Non-Member FinancialInstitution,” filed Jul. 13, 2015. The present application is acontinuation-in-part of U.S. patent application Ser. No. 14/587,745,entitled, “System and Method for Transferring Funds,” filed Dec. 31,2014, which in turn is a continuation-in-part of U.S. patent applicationSer. No. 13/782,587, entitled, “System and Method for TransferringFunds,” filed Mar. 1, 2013, which in turn claims priority under 35U.S.C. §119(a) to Prov. U.S. Pat. App. Ser. No. 61/657,339, entitled“System and Method for Transferring Funds,” filed Jun. 8, 2012, and toProv. U.S. Pat. App. Ser. No. 61/607,882, entitled “System and Methodfor Transferring Funds,” filed Mar. 7, 2012. The contents of theapplications referenced in this paragraph are hereby incorporated byreference as if set forth fully herein.

TECHNICAL FIELD

The technical field relates to systems and methods for transferringfunds over an electronic money transfer network, and more particularlyto systems and methods for securely transferring funds over anelectronic money transfer network to individuals who have access to aphysical payment terminal or online payment processes maintained by anentity other than a financial institution.

BACKGROUND

Many existing systems of transferring money over electronic moneytransfer networks, such as Automatic Clearing House (ACH) networks, havelimitations. Traditional wire transfers, for instance, typically requireboth a sender of money and recipient of money to be physically presentat a financial institution or have direct access (e.g., online access)to an account at a financial institution. Requiring a sender and arecipient to have accounts at financial institution(s) may make itdifficult to transfer money from/to some people, such as underbankedsegments of the population and/or people who lack ready access tofinancial institutions. Moreover, traditional wire transfers thatinvolve transferring money between financial institutions or exchange ofcurrency is heavily regulated and generally requires additional fees.These fees may form the basis of transaction costs that make transfer ofmoney between individuals inefficient, impractical or otherwisedifficult.

Many existing systems of transferring money to individuals do notaccommodate otherwise possible money transfer scenarios. As an example,existing systems of transferring money may not make funds available topeople who want to send or receive money at a physical payment terminalof a retail store or other non-financial institution that is not afinancial institution. Existing systems of transferring money may notmake funds available to people who want to send or receive money usingonline payment processes of non-financial institutions. Debit transfersystems and other systems of transferring money to people at retailestablishments and/or retail websites may be cost-prohibitive and/or maynot facilitate transfers of money between people. Many existing systemsof transferring money to individuals may not make fund available soonafter a request to transfer funds has been made (e.g., substantially in“real-time”). As a result, it has often proven difficult tocost-effectively transfer money over electronic money transfer networksto individuals, particularly those individuals who lack access to thepayment systems of financial institutions.

SUMMARY

The systems, methods, and computer-readable media discussed hereinrelate to securely transferring funds over an electronic money transfernetwork, such as an Automatic Clearing House (ACH) network, toindividuals who have access to a second (e.g., public) network. Anexample method may include receiving transaction data related to a fundtransfer, the transaction data specifying a transfer amount of the fundtransfer, a sender public identifier to identify a sender of the fundtransfer, a recipient public identifier to identify a recipient of thefund transfer, a financial institution identifier for a sender financialinstitution, a financial institution identifier for a recipientfinancial institution, and a tokenized financial instrument of thesender, determining, using the financial institution identifier for thesender financial institution, the sender financial institution, thesender financial institution being a member of a payment network,providing to the sender financial institution the tokenized financialinstrument of the sender to enable the sender financial institution tode-tokenize the tokenized financial instrument of the sender andidentify an account of the sender financial institution associated withthe sender, receiving, from the sender financial institution, a senderprivate identifier generated by the sender financial institution, thesender financial institution generating the sender private identifierupon confirming the account of the sender financial institutionassociated with the sender, associating the sender private identifierwith the sender public identifier, providing to the sender financialinstitution the transfer amount of the fund transfer, the recipientpublic identifier, and the recipient financial institution identifier toenable the sender financial institution to determine availability ofmoney in the account associated with the sender to satisfy the transferamount of the fund transfer, generating a transaction identifierassociated with the fund transfer, and providing the transactionidentifier and a recipient private identifier to the recipient financialinstitution to enable the recipient financial institution to identify anaccount associated with the recipient to enable the recipient financialinstitution to receive an ACH message over the ACH network, the ACHmessage indicating payment from the sender financial institution to therecipient financial institution, the ACH message being generated by thesender financial institution and including the transaction identifier toidentify the fund transfer between a sender and a recipient, the ACHmessage allowing the recipient financial institution to retrieve moneyfrom an ACH batch transfer and deposit money into the account associatedwith the recipient.

In some embodiments, the method further comprises validating that thesender has authorization to use the public identifier to perform thefund transfer. The method may further comprises receiving a tokenizedfinancial instrument of the recipient and a recipient FI identifierassociated with the recipient financial institution, determining, usingthe recipient FI identifier, the recipient financial institution, therecipient financial institution being a member of the payment network,providing to the recipient financial institution the tokenized financialinstrument of the recipient to enable the recipient financialinstitution to de-tokenize the tokenized financial instrument of therecipient and identify an account of the recipient financial institutionassociated with the recipient, and receiving, from the recipientfinancial institution, the recipient private identifier generated by therecipient financial institution, the recipient financial institutiongenerating the recipient private identifier upon confirming the accountof the recipient financial institution associated with the sender.

The method may further comprise receiving the transfer amount of thefund transfer, the sender public identifier to identify the sender ofthe fund transfer, the recipient public identifier to identify therecipient of the fund transfer, the financial institution identifier forthe sender financial institution, the financial institution identifierfor the recipient financial institution, and the tokenized financialinstrument of the sender from an first online reseller of goods. Thefirst online reseller of goods may tokenize a financial instrument ofthe sender to create the tokenized financial instrument of the sender.The financial instrument may be issued by the sender financialinstitution.

In some implementations, the method may further comprise receiving atokenized financial instrument of the recipient from a second onlinereseller of goods different than the first online reseller of goods. Thesecond online reseller of goods may tokenize a financial instrument ofthe recipient to create the tokenized financial instrument of therecipient. The recipient financial institution may transfer funds to theaccount associated with the recipient before the recipient financialinstitution receives the ACH message. The method may further compriseproviding a notification a request to a sender system requesting if thesender will accept the fund transfer from the sender.

An example system comprises one or more processors and a memory coupledto the one or more processors. The memory may be configured to instructthe one or more processors to perform a method. The method may comprisereceiving transaction data related to a fund transfer, the transactiondata specifying a transfer amount of the fund transfer, a sender publicidentifier to identify a sender of the fund transfer, a recipient publicidentifier to identify a recipient of the fund transfer, a financialinstitution identifier for a sender financial institution, a financialinstitution identifier for a recipient financial institution, and atokenized financial instrument of the sender, determining, using thefinancial institution identifier for the sender financial institution,the sender financial institution, the sender financial institution beinga member of a payment network, providing to the sender financialinstitution the tokenized financial instrument of the sender to enablethe sender financial institution to de-tokenize the tokenized financialinstrument of the sender and identify an account of the sender financialinstitution associated with the sender, receiving, from the senderfinancial institution, a sender private identifier generated by thesender financial institution, the sender financial institutiongenerating the sender private identifier upon confirming the account ofthe sender financial institution associated with the sender, associatingthe sender private identifier with the sender public identifier,providing to the sender financial institution the transfer amount of thefund transfer, the recipient public identifier, and the recipientfinancial institution identifier to enable the sender financialinstitution to determine availability of money in the account associatedwith the sender to satisfy the transfer amount of the fund transfer,generating a transaction identifier associated with the fund transfer,and providing the transaction identifier and a recipient privateidentifier to the recipient financial institution to enable therecipient financial institution to identify an account associated withthe recipient to enable the recipient financial institution to receivean ACH message over the ACH network, the ACH message indicating paymentfrom the sender financial institution to the recipient financialinstitution, the ACH message being generated by the sender financialinstitution and including the transaction identifier to identify thefund transfer between a sender and a recipient, the ACH message allowingthe recipient financial institution to retrieve money from an ACH batchtransfer and deposit money into the account associated with therecipient.

A nontransitive computer readable media system may comprise executableinstructions, the executable instructions being executable by aprocessor to perform a method. The method may comprise receivingtransaction data related to a fund transfer, the transaction dataspecifying a transfer amount of the fund transfer, a sender publicidentifier to identify a sender of the fund transfer, a recipient publicidentifier to identify a recipient of the fund transfer, a financialinstitution identifier for a sender financial institution, a financialinstitution identifier for a recipient financial institution, and atokenized financial instrument of the sender, determining, using thefinancial institution identifier for the sender financial institution,the sender financial institution, the sender financial institution beinga member of a payment network, providing to the sender financialinstitution the tokenized financial instrument of the sender to enablethe sender financial institution to de-tokenize the tokenized financialinstrument of the sender and identify an account of the sender financialinstitution associated with the sender, receiving, from the senderfinancial institution, a sender private identifier generated by thesender financial institution, the sender financial institutiongenerating the sender private identifier upon confirming the account ofthe sender financial institution associated with the sender, associatingthe sender private identifier with the sender public identifier,providing to the sender financial institution the transfer amount of thefund transfer, the recipient public identifier, and the recipientfinancial institution identifier to enable the sender financialinstitution to determine availability of money in the account associatedwith the sender to satisfy the transfer amount of the fund transfer,generating a transaction identifier associated with the fund transfer,and providing the transaction identifier and a recipient privateidentifier to the recipient financial institution to enable therecipient financial institution to identify an account associated withthe recipient to enable the recipient financial institution to receivean ACH message over the ACH network, the ACH message indicating paymentfrom the sender financial institution to the recipient financialinstitution, the ACH message being generated by the sender financialinstitution and including the transaction identifier to identify thefund transfer between a sender and a recipient, the ACH message allowingthe recipient financial institution to retrieve money from an ACH batchtransfer and deposit money into the account associated with therecipient.

These and other advantages will become apparent to those skilled in therelevant art upon a reading of the following descriptions and a study ofthe several examples of the drawings.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 depicts a schematic diagram of a funds transfer system in which asender and a recipient use different banking institutions according toan example implementation.

FIG. 2 depicts a schematic diagram of token management logic that maymanage tokens for fund transfer requests according to an exampleimplementation.

FIG. 3A depicts a process in which a fund transfer request results inthe funds being received by a registered or unregistered recipientaccording to an example implementation.

FIG. 3B depicts a process in which a fund transfer request results inthe funds being received by a registered or unregistered recipientaccording to an example implementation.

FIG. 4 depicts a screen shot of a web page that may be presented to auser to configure user preferences and manage connections with otherusers.

FIG. 5 depicts a screen shot of a web page that may be presented to auser to configure notification settings.

FIG. 6 depicts a screen shot of a web page that may be presented to auser to send money to a recipient.

FIG. 7 depicts a screen shot of a web page that may be presented to anout-of-network user when an out-of-network user is sent a payment.

FIG. 8 depicts a schematic diagram of a funds transfer system in which asender and a recipient use different banking institutions according toan example implementation.

FIG. 9 depicts a flow diagram illustrating an example process forfacilitating transfer of funds to an out-of-network recipient accordingto an example implementation.

FIG. 10 depicts a flow diagram illustrating an example process forfacilitating transfer of funds from an out-of-network sender to anin-network recipient according to an example implementation.

FIG. 11 depicts a flow diagram illustrating an example process forfacilitating expedited transfer of funds from an in-network sender to anin-network recipient according to an example implementation.

FIG. 12 depicts a diagram of a funds transfer system for securelytransferring funds from a sender non-financial institution system to arecipient non-financial institution system, according to someimplementations.

FIG. 13 depicts a diagram of transfer logic, according to someimplementations.

FIG. 14 depicts a diagram of registration logic, according to someimplementations.

FIG. 15 depicts a diagram of a data flow for securely transferring fundsfrom a sender to a recipient in a funds transfer system, according tosome implementations.

FIG. 16A depicts a diagram of a flowchart of a method for securelytransferring funds from a sender to a recipient in a funds transfersystem, according to some implementations.

FIG. 16B depicts a diagram of a flowchart of a method for securelytransferring funds from a sender to a recipient in a funds transfersystem, according to some implementations.

FIG. 17 depicts a diagram of a data flow for securely transferring fundsfrom a sender to an unregistered recipient in a funds transfer system,according to some implementations.

FIG. 18A depicts a diagram of a flowchart of a method for securelytransferring funds from a sender to an unregistered recipient in a fundstransfer system, according to some implementations.

FIG. 18B depicts a diagram of a flowchart of a method for securelytransferring funds from a sender to an unregistered recipient in a fundstransfer system, according to some implementations.

FIG. 19 depicts a diagram of a data flow for registering a participantin a funds transfer system, according to some implementations.

FIG. 20 depicts a diagram of a flowchart of a method for registering aparticipant in a funds transfer system, according to someimplementations.

FIG. 21 depicts an example of a digital device, according to someimplementations.

DETAILED DESCRIPTION

Referring to FIG. 1, a funds transfer system 100 that implements apayment network, or a “funds transfer payment network,” is shown. Thefunds transfer system 100 may be utilized by senders to send funds torecipients and by recipients to receive the funds. The funds transfersystem 100 may facilitate the transfer of funds from senders toreceivers (e.g., recipients) without either party disclosing anyfinancial account information to each other. The senders and recipientsmay be individuals or business entities. In the example implementation,the sender uses a bank account as the source of funds. In otherimplementations, the sender may use credit cards, debit cards, businesscredit cards or check cards as the source of funds. The funds transfersystem 100 may be used for both intrabank transfers (i.e., transfers inwhich the sender and the recipient both have accounts at the same bankand the funds are transferred between the accounts within the same bank)and interbank transfers (i.e., transfers in which the sender and therecipient have accounts at different banks and the funds are transferredbetween the accounts at different banks).

The funds transfer system 100 may include, among other systems, a sendercomputer system 110, a bank computer system 120, a recipient computersystem 130, a bank computer system 150, a payment service computersystem 160, and an automated clearing house computer system 170. Each ofthe above described systems may communicate through a network 140, whichmay include one or more of the Internet, Cellular network, Wi-Fi,Wi-Max, a proprietary banking network, and so on. In FIG. 1 andthroughout the remaining description, for sake of providing an example,it is assumed that the sender performs a funds transfer from an accountmaintained by the bank computer system 120 and the receiver receives thefunds using an account maintained by the bank computer system 150.Hence, the computer system 120 is sometimes referred to herein as thesender bank computer system and the computer system 150 is sometimesreferred to herein as the receiver bank computer system. It will beappreciated of course that any given bank computer system may operate indifferent capacities in the context of different fund transfertransactions. Additionally, while the examples provided herein areprimarily in the context of a sender requesting a funds transfer to arecipient, it will also be appreciated that a recipient may request afunds transfer from a sender.

The sender computer system 110 may be used by an individual user (e.g.,a business owner or employee, a consumer, and so on) to createtransactions and interact with banking functions provided through anonline banking area of a website provided by the sender bank computersystem 120 or through a website provided by a payment service 160. Thesender computer system 110 may, for example, comprise a user computer(e.g., desktop or laptop computer), a cellular telephone, smart phone, amobile handheld wireless e-mail device, a personal digital assistant, aportable gaming device, or other suitable device. The sender computersystem 110 may also comprise one or more servers each with one or moreprocessors configured to execute instructions stored in memory. Forexample, such an arrangement may be utilized if the sender is a merchantor other business.

The sender computer system 110 may comprise network interface logic 112,a display device 114, an input device 116, and client application 118.Network interface logic 112 may include, for example, program logic thatconnects the sender computer system 110 to the network 140. As describedin greater detail below, for example, the sender computer system 110 mayreceive and display screens on the display device 114 including accountinformation, transaction instructions, and so on. In an exampleimplementation, such screens may be used to request a username andpassword information. Such screens may also be used to prompt the userto provide information regarding the amount of the funds and theidentity of the merchant or individual that is to receive the funds.Such information may comprise, for example, a name, an address, a phonenumber, an e-mail address, a selection of a recipient from an electronicdirectory, and/or other information. Such screens may also includescreens displaying information regarding past transactions. Such screensare presented to the user via the display device 114. The input device116 may be used to permit the user to initiate account access and tofacilitate receiving fund transfer request information from the user.

The client application 118 may comprise program logic (i.e., storedexecutable instructions) configured to implement at least some of thefunctions described herein. As will be appreciated, the level offunctionality that resides on the sender computer system 110 as comparedto other components of the funds transfer system 100 may vary dependingon the implementation. The client application 118 may simply be a webbrowser (e.g., Internet Explorer®, Mozilla Firefox®, Chrome®, Safari®,and so on) configured to receive and display web pages received from thebanking computer system 120. The client application may also comprise amobile web browser, text message (SMS) interface, a dedicatedapplication, or other program suitable for sending and receivinginformation over the network 140.

The bank computer system 120 is operated by a bank institution thatmaintains accounts held by customers, such as demand deposit accounts,credit card accounts, home mortgage loans, student loans, and so on. Thebank computer system 120 may, for example, comprise one or more serverseach with one or more processors configured to execute instructionsstored in memory, send and receive data stored in memory, and performother operations to implement the operations described herein associatedwith logic or processes shown in FIGS. 1-7.

The bank computer system 120 may include network interface logic 122,account processing logic 124, an account database 126, and aninformation directory 128. The network interface logic 122 may include,for example, program logic that connects the bank computer system 120 tothe network 140. The network interface logic 122 may facilitate securecommunications between the bank and the sender and/or the recipient. Thenetwork interface logic 122 may also facilitate communication with otherentities, such as other banks, settlement systems, and so on. Thenetwork interface logic 122 may include user interface program logicconfigured to generate and present web pages to users accessing the bankcomputer system 120 over the network 140.

The account processing logic 124 performs account processing to processtransactions in connection with the account(s) of the account holder,such as account credits and debits to checking and savings accounts,credits and debits to home mortgage and home equity accounts, creditsand debits to student loan accounts, and so on. Thus, whenever funds aretransferred into or out of an account of an account holder (e.g., asender or recipient of funds), the account processing logic 124 reflectsan appropriate debit or credit in the account database 126, which storesaccount information (e.g., transactions, information about the accountholder, and so on) for accounts that are maintained by the bank onbehalf of its customers. The account processing logic 124 may alsoprocess fund transfer requests to transfer funds from a sender using thesender computer system 110 to a recipient using the recipient computersystem 130.

The information directory 128 may be used when an identifier other thana bank account/routing number is used (e.g. an e-mail address, phonenumber, Universal Payment Identification Code (UPIC), randomly generatednumber, and so on) to identify a recipient of a funds transfer. Theinformation directory 128 may be a database that is maintained to allowthe financial institution to convert/correlate the recipient's cellphone number (or e-mail address, or other identifier) to a bank accountnumber/routing number of the recipient's bank account. This arrangementallows the sender to uniquely identify the recipient (e.g., with ane-mail address or other identifier), without necessarily havingprivate/personal information regarding the recipient (i.e., therecipient's bank account/routing number).

Users may register their information with the information directory 128prior to any financial transaction. A user may be added to theinformation directory 128 upon registering for the funds transfer system100 through the bank computer system 120. Upon registration, a new entrymay be created for the newly registered user in a database thatimplements the information directory 128. The user may provide one ormore identifiers (e.g., phone numbers, e-mail addresses, and so on) thatthe user may share with other individuals with whom the user interacts(for example, in the same way that people selectively or freely sharephone numbers and e-mail addresses with other individuals for purposesof communicating with such other individuals). Herein, such identifiersare referred to as “public identifiers” or “public tokens.” (The terms“identifier” and “token” are used interchangeably herein to refer to acode (e.g., an e-mail address, a phone number, a user generated orsystem generated character string, etc.) that identifies a user.) Theinformation directory 128 may also generate or otherwise associate anidentifier that is securely maintained and that is used to identify theuser in the information directory 128. Herein, such identifiers arereferred to as “private identifiers.” The private identifier may, forexample, be a unique ID of the database entry for the user in theinformation directory 128. While the private identifier is known by theinformation directory 128, it need not be known by the user with whom itis associated or by other users. However, it may be known by banks andother entities that are members of the funds transfer payment network.In addition to the public identifier(s) (e.g., phone numbers, e-mailaddresses, and so on), the private identifier (e.g., database UID),other information may also be stored in the database entry, such asaccount information (account numbers, routing numbers, etc.) foraccounts held by the user at the bank and user preferences. At leastsome of this information may be populated automatically, e.g., if theuser registers for the funds transfer system 100 during a secure on linebanking session on the bank computer system 120.

Additionally, the database entry for each user may also store a registryof other users connected to that user. That is, for each user, aregistry may be stored that includes a listing of each other user withwhom the user has an established connection. Such connection may beestablished, for example, the first time that the user sends or receivesfunds from the other user. A connection may also be established by wayof a user interface that permits a user to add connections with otherusers through a lookup service in the information directory 128 and/oranother information directory. An example of such a user interface isdiscussed below in connection with FIG. 4. The users may include notonly users that are registered in the funds transfer payment network,but also other affiliated payment networks, as discussed in greaterdetail below. For each user in the registry, additional information maybe stored, such as their unique ID and/or other information. As anotherexample, the information for the other users may be stored in separatedatabase entries in the information directory 128.

In various implementations, a plurality of information directories mayexist, each directory maintained by a different institution or entity.For example, users that maintain accounts at the bank associated withbank computer system 120 may register through bank computer system 120,users that maintain accounts at the bank associated with bank computersystem 150 may register through bank computer system 150, and so on forother users that maintain accounts at other entities. Such entities mayalso include non-bank entities (e.g., payment processing companies,credit agencies, credit card network providers, and so on), and usersmay also register through such non-bank entities.

In addition to the public and private identifiers that have already beendescribed herein, additional identifiers may also be used. For example,such additional identifiers may be handled with varying levels ofsecurity. As another example, variations of existing public identifiersmay be used to implement special purpose public tokens, public tokenswith customized functionality, and so on, as discussed in greater detailbelow.

The token management logic 129 manages tokens. For example, the tokenmanagement logic 129 may be configured to register tokens, authenticatetokens, generate tokens and so on. The token management logic 129 mayalso facilitate identification of the recipient when a token is notrecognized. The token management logic 129 may also be used to customizeattributes of tokens, such that particular accounts are used, particularmethods of notification are used, and so on. The token management logic129 is discussed in greater detail below in connection with FIG. 2.

The recipient computer system 130 may be configured in generally thesame manner as the other computer systems described herein. For example,if the fund recipient is an individual, the computer system 130 may be amobile device, such as a cellular phone, smart phone, mobile handheldwireless e-mail device, personal digital assistant, portable gamingdevice, a desktop computer or other suitable device. The computer system130 may also comprise one or more servers each with one or moreprocessors configured to execute instructions stored in memory. Forexample, such an arrangement may be utilized if the recipient is amerchant or other business.

In one implementation (e.g., where the recipient is a bricks-and-mortarmerchant), the recipient computer system 130 may include point of saledevices (e.g., cash register systems) that are equipped toelectronically obtain public token information from customers. Forexample, the cash register systems may be equipped with a near fieldcommunication (NFC) reader device that is capable of reading a publictoken (e.g., cell phone number) from an NFC equipped cell phone. Asanother example, the cell phone may include an application that isconfigured to generate a bar code or other image on a display screenthat contains the public token, and the cash register system may beequipped with a bar code reader configured to read the bar code. Therecipient computer system 130 may then request payment from the sendervia the funds transfer system 100 using the public token obtained at thepoint of sale.

The recipient bank computer system 150 may be configured in a similarmanner as the sender bank computer system 120. Thus, the bank computersystem 150 comprises network interface logic 152, account processinglogic 154, account database 156, and information directory 158corresponding to the network interface logic 122, account processinglogic 124, account database 126 and information directory 128 of thebank computer system 120.

The payment service computer system 160 may be associated with a paymentservice that is configured to facilitate interbank fund transfers, e.g.,a payment service provided by a non-bank entity as previously mentioned.The payment service may, for example, be an entity that is formed as ajoint venture between banks and/or other entities that send and receivefunds using the funds transfer system 100. As another example, thepayment service may be a third party vendor. As another example, thepayment service may be a web portal provided for an online community ofindividuals where such individuals obtain user names/login IDs orotherwise become registered members. The individuals may, for example,use the web portal to interact with each other and/or to interact with aservice provided by the online community. Examples of online communitiesinclude MSN®, iPhone® users, Facebook®, LinkedIn®, and so on. Thepayment service may, for example, be an additional service that isoffered by the web portal to the members of the online community. Asanother example, the payment service may be provided by one of thebanks, i.e., such that the bank performs both the operations describedherein as being performed by the bank computer system 120/150 and theoperations described herein as being performed by the payment servicecomputer system 160.

Herein, the banks associated with computer systems 120 and 150 areassumed to be “member banks” That is, the banks associated with computersystems 120 and 150 are assumed to follow established protocols fortransferring funds using the funds transfer system 100. For example, inthe context of a payment service that is created as a joint venture, themember banks may include at least the banks that are part owners of thejoint venture, as well as potentially other banks. While two memberbanks are shown in FIG. 1, it will be appreciated that there may beadditional member banks. Additionally, as previously indicated, non-bankentities may also be members. The payment service may also be used bysenders and recipients that have bank accounts at non-member banks, forexample, by permitting such users to register directly with the paymentservice computer system 160. Hence, users do not need to be customers ofany particular bank in order to be able to use the funds transfer system100.

The payment service computer system 160 may, for example, comprise oneor more servers each with one or more processors configured to executeinstructions stored in memory, send and receive data stored in memory,and perform other operations to implement the operations describedherein associated with logic or processes shown in FIGS. 1-6. Thepayment service computer system 160 includes network interface logic 162and an information directory 168. Although not specifically shown, itwill be appreciated that the payment service computer system 160 mayinclude account processing logic and an account database in the same orsimilar manner to the account processing logic 124, 155 and the accountdatabases 126, 156. The network interface logic 162 may include userinterface program logic configured to generate and present web pages tousers accessing the payment service computer system 160 over the network140.

The information directory 168 may be used when an identifier other thana bank account/routing number is used (e.g. an e-mail address, phonenumber, Universal Payment Identification Code (UPIC), randomly generatednumber, and so on). As described above in connection with theinformation directory 128 and 158, the information directory 168 is adatabase that is maintained to allow the payment service toconvert/correlate the recipient's cell phone number (or e-mail address,or other token) to a bank account number/routing number of therecipient's bank account for users that registered through the paymentcomputer service system 160. This arrangement allows the sender touniquely identify the recipient (e.g., with an e-mail address or otheridentifier), without necessarily having private/personal informationregarding the recipient (i.e., the recipient's bank account/routingnumber).

Users including senders and recipients may register their informationwith the information directory 168 in advance, e.g., where such users donot bank or have accounts with any of the other member entities.Additionally, the payment service computer system 160 may be configuredsuch that users that only wish to send funds may do so withoutregistering. For example, the payment service computer service system160 may be configured to generate web pages that receive credit cardinformation from a sender to complete a transaction each time a senderwishes to send funds, without requiring that the sender ever registerwith the payment service computer service system 160.

As will be appreciated, the information that is stored in theinformation directory 168 may vary depending on the implementation,including the extent to which information is also stored in theinformation directories 128 and 158. For example, in one implementation,when a user registers at the bank computer system 120 (or at the bankcomputer system 150, or at the computer system of another memberentity), information may be stored in both the information directory 128and the information directory 158. The information directory 128 maystore a complete identification of the user's bank accounts and otherinformation collected during registration. Conversely, the informationdirectory 168 may store a reduced amount of information, such as theregistered public token(s), the financial institution with it isassociated, and the private token (e.g., unique ID) associated with eachtoken. More detailed bank account number/routing number, or othersensitive information need not be stored at the information directory168. In another implementation, instead of using a payment servicecomputer system 160 to maintain the information directory 168, suchinformation may be stored entirely in the information directories 128,158 maintained by individual member banks. As will also be appreciated,the extent to which transaction details are tracked and maintained inthe account processing logic 124, 154 as compared to the extent to whichtransaction details are tracked and maintained by the payment servicecomputer system 160 may vary depending on the implementation.

The Automatic Clearing House (ACH) system 170 is used to transmit fundsto and from bank accounts of the senders and recipients. As is known,the ACH Network is a nationwide batch oriented electronic funds transfersystem which provides for interbank clearing of electronic payments forparticipating depository financial institutions. An ACH entry may startwith an account holder (known as the Receiver in ACH terminology)authorizing an Originator (e.g., a person or a company) to issue ACHdebit or credit to an account. Depending on the ACH transaction, theOriginator must receive authorization from the Receiver. In accordancewith the rules and regulations of ACH, no financial institution mayissue an ACH transaction (whether it is debit or credit) towards anaccount without prior authorization from the Receiver. Onceauthorization is received, the Originator then creates an ACH entry tobe given to an Originating Depository Financial Institution (ODFI),which may be any financial institution that does ACH origination. ThisACH entry is then sent to an ACH Operator (i.e., central clearingfacilities through which financial institutions transmit or receive ACHentries, e.g., the Federal Reserve or the Electronic Payments Network)and is passed on to the Receiving Depository Financial Institution(RDFI), where the Receiver's account is issued either a credit or debit,depending on the ACH transaction. The RDFI may, however, reject the ACHtransaction and return it to the ODFI with the appropriate reason, suchas that there were insufficient funds in the account or that the accountholder indicated that the transaction was unauthorized. An RDFI has aprescribed amount of time in which to perform returns (e.g., two tosixty days from the receipt of the ACH transaction). An ODFI receiving areturn of an ACH entry may re-present the ACH entry two more times, orup to three total times, for settlement. Again, the RDFI may reject thetransaction, after which the ODFI may no longer represent thetransaction via ACH. The above description of ACH system is one in usecurrently, the implementations of the current invention will continue tofunction similarly even if some methods and steps in the ACH system aremodified.

Referring to FIG. 2, FIG. 2 shows the token management logic 169 ingreater detail. As shown in FIG. 2, the token management logic 169includes sponsor identification or sponsor searching logic 182,registration logic 184, token authentication logic 186, rules engine188, and token generation logic 190. Although the token management logic169 is shown, it will be appreciated that the token management logic 129and 159 may be configured in the same or similar manner.

The sponsor identification logic 182 may be configured to identify asponsor of a token. For example, if the sender uses a token to identifya recipient that is unrecognized at the information directory 128 of thesender bank computer system 120 (i.e., because the recipient is not acustomer of the sender bank), the sponsor identification logic 182 maybe configured to receive the token from the sender bank computer system120 and access the information directory 168 to provide anidentification of the unique ID and financial institution associatedwith that token.

As will be appreciated, the extent to which the bank computer systems120, 150 have sponsor identification logic that operates in the samemanner as the sponsor identification logic 182 may depend, in part, onthe extent to which the information is stored in the informationdirectory 168 as compared to the extent to which information is alsostored in the information directories 128 and 158. In variousimplementations, greater or lesser degrees of reliance may be placed onthe information directory 168 to perform user identification functionsin a centralized fashion in connection with the transfer of fundsbetween entities. Herein, for sake providing an example, it is assumedthat the information directory 168 is used to perform useridentification functions in a centralized fashion in connection with thetransfer of funds between entities. In such implementations, it may bepossible to avoid replicating all the functions of the sponsoridentification logic 182 and the bank computer systems 120, 150.

In one implementation, the funds transfer payment network is configuredto interact with other affiliated payment networks (e.g., PayPal,CashEdge, and so on). In such an arrangement, if the token provided bythe sender bank computer system 120 is not recognized in the informationdirectory 168, the sponsor identification logic 182 is configured totransmit inquiries to the other affiliated payment networks (e.g., in apredetermined sequence) to determine if the token is recognized at anyof the other affiliated payment networks. If the recipient is registeredwith another payment network, then the funds may be transferred to therecipient by routing the funds through the other payment network. In animplementation where a user lookup service is provided by theinformation directory 168, the look up service may operate in the samemanner to identify users registered at remote entities. Information mayalso be stored in the information directory 168 identifying the paymentnetwork determined to be associated with that token, therebyfacilitating additional funds transfers to that token in the future.Hence, in such an arrangement, funds may be pushed to a recipient thatis not registered with the funds transfer payment network but ratherthat is registered with another payment system. Additionally, such fundsmay be pushed to the recipient without the sender having to know or beconcerned about whether the recipient is registered with the fundstransfer payment network.

The registration logic 184 is configured to facilitate the process ofregistering new users. For example, in the preceding discussion, if thetoken is not recognized at the information directory 168, and is notregistered at any other affiliated payment network, then theregistration logic may be configured to send the recipient an e-mail orother communication inviting the recipient to register with the paymentnetwork. Such an e-mail may include a link to the website provided bythe payment service computer system 160. The registration logic 184 maybe configured to generate web pages for presentation to the user at thewebsite to facilitate the registration process. If, based on informationprovided by the user when registering at the website, it is determinedthat the user is a customer of one of the member entities, then the usermay be forwarded to the website of the member entity to complete theregistration process. As will be appreciated, the registration logic 184may also present web pages to the user in other scenarios (e.g., wherethe user has arrived at the website as a result of a search enginequery, where the user has arrived at the website via another website(e.g., such as an online community website or merchant website), and soon). The registration logic 184 may create new database entries in theinformation directory 168 responsive to inputs received from the user.

The token authentication logic 186 is configured to authenticate tokens.For example, when a user registers a new token, the token authenticationlogic 186 may be configured to confirm that the user is associated withthat token (e.g., that the user who is attempting to register a cellphone number as a token is indeed the owner of that cell phone number).(Herein, the term “own” in the context of telephone numbers refers tothe telephone number being assigned to one particular user as opposed tobeing assigned to other users, and is not being used to refer toownership as between the user and the phone carrier that provides thetelephone number to the user. The term is used analogously in thecontext of e-mail addresses.) As another example, when a user attemptsto register a new e-mail address, the authentication logic 186 mayperform an authentication operation such as sending the user an e-mailat the new e-mail address. The e-mail may, for example, contain a linkthat must be accessed by the user in order to successfully complete theregistration process.

Additionally, the token authentication logic 186 may be configured toperform authentication operations on previously-registered tokens. Forexample, a user that registers a cell phone number may ultimately switchcell phone numbers and/or cell phone carriers. The token authenticationlogic 186 may be configured to process disconnect directories that arepublished by cell phone carriers and that list cell phone numbers thathave been disconnected by that carrier. For example, if a registeredcell phone number is listed as having been disconnected, the tokenauthentication logic 186 may send an e-mail to the user at a registerede-mail address to determine whether the cell phone number is no longer avalid token for that user or whether the user has merely changed cellphone carriers but has retained the cell phone number.

The token authentication logic 186 may also be configured to send followup communications to the user trying to use a token to send/receivemoney from another user if there is uncertainty regarding whether theother user is correct owner of the token. For example, the tokenauthentication logic 186 may be configured to notify the sender thatsuch uncertainty exists, request that the sender provide confirminformation that was provided regarding the recipient, provideadditional information regarding the recipient, and so on. For example,if a user attempts to send funds using the token jsmith@abc-company.com,an e-mail may be sent to the user if there is uncertainty whetherownership of the token jsmith@abc-company.com has changed (e.g., due toa change in employees at ABC Company). The authentication logic 186 mayalso be configured to access other networks or online communities (e.g.,Facebook, LinkedIn, etc.) to obtain additional information that may beused to authenticate the token. The token authentication logic 186 mayalso be configured to track the changing public tokens by date and timeof use and the date and time that a particular recipient ceases to use aparticular public token.

Hence, the registration logic 182 and the authentication logic 184cooperate to facilitate the registration of tokens and to ensure thatthe tokens are associated with their correct owners. In oneimplementation, the entity that registers a token is responsible forwarranting the validity of the registration. For example, if therecipient bank registers a token 415-555-1226, and subsequently acceptsa payment to the user that registered the token 415-555-1226, then therecipient bank is responsible for refunding money to the sender if theuser that registered the token 415-555-1226 is not actually the owner ofthat cell phone number at the time of the funds transfer (e.g., becausethe previous owner changed cell phone numbers, and the new owner is on adifferent payment network). Hence, the recipient bank undertakesresponsibility for correctly authenticating the user at the time ofregistration and for routinely processing disconnect directories toensure that the authentication remains valid.

In one implementation, the warranty (and/or limited access to theinformation directory 168) may be provided as a service to thirdparties. For example, an on line retailer that is refunding money to acustomer may wish to verify that a token previously provided by thecustomer (e.g., “415-555-1226”) remains accurate. If funds are refundedto the customer at the “415-555-1226” token, but the customer no longerowns that token, then the payment service would be responsible forrefunding the funds to the correct customer. The fee charged for theservice may, for example, be based on the dollar value of liabilityaccepted by the payment service for providing incorrect information. Asanother example, a service may be provided in which a per token fee ischarged for identifying a user based on a token and/or for identifying atoken (e.g., e-mail address, cell phone number, etc.) based on anidentification of a user.

The rules engine 188 is configured to permit users to configuredifferent attributes for different tokens. The attributes may bespecified in rules that are configured based on user specifiedpreferences. In various implementations, the rules engine 188 mayprovide a user with default settings that are used until the userdecides to customize the rules. For example, the rules engine 188 may beused to configure the manner in which funds are directed to variousaccounts held by the user at the bank (e.g., to forward at least aportion of the funds or transfer funds into a particular type ofaccount), and so on. As another example, the funds may be split betweena plurality of accounts according to the rules specified by the user,e.g., the funds may also be transferred into at least one of aretirement account, savings account, PayPal® account, or a certificateof deposit. As another example, portion of the received funds may beforwarded to a different user that is registered with the paymentnetwork. As another example, the rules engine 188 may be used toconfigure the manner in which a notification is sent to a recipientinforming the recipient that a fund transfer request has been made by asender. For example, according to one implementation, the rules may beconfigured to specify the channel(s) by which notifications are sent(e-mail, text message, voicemail, and so on), the e-mail account(s)and/or phone number(s) to which notifications are sent, and so on. Asanother example, if the fund transfer amount is greater than a thresholdvalue, the user may receive an automated telephone call instead of ane-mail message or may receive an e-mail/telephone call instead of nomessage. As another example, if the fund transfer request originatedfrom a particular sender, then the user may specify the mode of thenotification (e.g., e-mail, voicemail, or text message). As anotherexample, the rules engine 188 may be used to configure the paymentchannel used to send funds to a recipient (e.g., ACH transfer, creditcard network, PayPal network, printed and mailed check, and so on). Asanother example, the rules engine 188 may be used to configure the speedwith which funds are transferred to the recipient (e.g., instantaneous,same day, overnight, 2-day payment, and so on). As another example, therules engine 188 may be used to configure transaction limits (e.g., toensure that no more than $500 can be charged to a particular tokenduring a predetermined time period such as one day, one week, one month,etc.).

The token generation logic 190 may be configured to generate additionalpublic tokens for a user. The token generation logic 190 may cooperatewith the rules engine 188 to create different tokens that are configuredwith different attributes. For example, a business may wish to usedifferent individual tokens depending on whom within the business isresponsible for processing a particular transaction. For example, arecipient that is a landlord that owns several apartment buildings maywish to create different tokens for each apartment building. Forexample, the additional tokens may be based on user providedalphanumeric character strings, may be system generated based on pseudorandom character strings, or may be generated in another fashion. Forexample, if the landlord recipient already uses an e-mail address as apublic token (e.g., landlord@mail.com), the additional public tokens maybe variants of the public token already used by the recipient (e.g.,landlord@mail.com/building1, landlord@mail.com/building2,landlord@mail.com/building3 and so on). Such tokens may then beconfigured with different attributes using rules engine 188. Forexample, if each of the different buildings has a different buildingmanager, then an e-mail may be sent to an e-mail address of therespective building manager for a particular apartment building when atenant of that apartment building pays rent.

As another example, the landlord recipient may provide each tenant witha different public token for use by the tenants to pay rent. Again, forexample, the additional tokens may be variants of the public tokenalready used by the recipient (e.g., landlord@mail.com/unit101,landlord@mail.com/unit102, landlord@mail.com/unit103 and so on). Thebank computer system 150 may then receive funds from each tenant and allthe funds may be transferred to one or more accounts belonging to thelandlord. The account processing logic 154 may be configured to generatea report showing the funds received in connection with each token(thereby showing, for example, which tenants have paid in a given monthand which tenants have not paid in a given month). Tokens may also beprogrammed with additional information, for example, the amount of theexpected monthly payment. The account processing logic 154 may then beconfigured to compare the amount actually received with the expectedmonthly payment to ensure that the tenant has paid completely and totrack overall account status of the tenant.

As another example, a recipient may also configure single use tokens.For example, a recipient may be organizing an event in which other usersare expected to financially contribute to the event. The recipient maythen configure a token (e.g., johnsmith@mail.com/moms-birthday-party)which may be provided to the other users. The account processing logic154 may then generate a report showing the funds that have been receivedfrom various ones of the other users in connection with that token.

As another example, senders may also configure different tokens. Forexample, a sender may use a first token as their default token (e.g.,johnsmith@mail.com), and create additional special purpose tokens wherepayment is to be made from other accounts (e.g.,johnsmith@mail.com/collegesavings to make a tuition payment from acollege savings fund).

As another example, as previously indicated, the information directories128, 158, 168 may provide a lookup service that may be used by users toestablish connections with other users. In such an implementation, usersmay be able to configure aspects of their tokens that are displayed toother users. For example, if an individual is operating a business underanother name (e.g., Joseph Smith DBA “Joe's Lawn Service”), it may bedesirable to permit the user to configure the token such that thebusiness name is displayed to other users, even though the name on theaccount is actually the individual's name. In this manner, it may beeasier for customers of the business to establish a connection with thebusiness.

Referring to FIGS. 3A and 3B, FIGS. 3A and 3B illustrate a process inwhich the funds may be received by a registered or unregisteredrecipient according to an example implementation. In FIGS. 3A and 3B, afund transfer message is received from a sender at the sender bankcomputer system 120 and propagates to the recipient bank computersystem, where it causes funds to be deposited in to the account of arecipient. Specifically, at step 301 in FIG. 3A, the sender bankcomputer system 120 receives a fund transfer request from a sender whichidentifies the recipient using a token. At step 311, the bank computersystem 120 searches the information directory 128 to determine whetherthe token is associated with a user that is registered with the senderbank (i.e., a transfer within the same bank). If the token is associatedwith a user registered with the sender bank then, at step 313, therecipient's account information is retrieved from the informationdirectory 128. Subsequently, at step 315, the funds are transferred tothe recipient's account. The funds may be transferred to the recipient'sfinancial account based on preferences of the sender and the recipient,as discussed in greater detail below in connection with FIGS. 4 to 6.

If, at step 311, the recipient is not registered with the sender bank,then the process proceeds to step 321. At step 321, the bank computersystem 120 transmits an inquiry to the payment service computer system160, and it is determined if the token is associated with a user that isregistered at another member entity of the funds transfer paymentnetwork. For example, if it is the first time that the sender hastransferred funds to this particular recipient, then the bank computersystem 120 may transfer the public token of the recipient as provided bythe sender. In this scenario, the sponsor identification logic 182 mayperform a search of the information directory 168 to determine if thetoken is associated with a user that is registered with another memberentity. If the public token is located in the directory, then thepayment service computer system 160 may return the unique ID associatedwith the public token along with an identification of the financialinstitution or other member entity with which it is associated to thesender bank computer system 120. The sender bank computer system 120 maythen create another registry entry for the sender, and store the publictoken and the unique 1D of the recipient as part of the registry entry.The sender bank computer system 120 may also prompt the sender toprovide other information about the recipient (e.g., a nickname or othername by which the sender wishes to identify the recipient).

As another example, if the sender has transferred funds to thisrecipient previously, then the bank computer system 120 may transfer theunique ID of the recipient to the payment service computer system 160.In this scenario, the sponsor identification logic 182 may use theunique ID as an index to the database that implements the informationdirectory 168 to locate the recipient in the information directory 168.Assuming the unique ID is still valid and is still located in theinformation directory 168, then the payment service computer system 160may return the financial institution or other member entity with whichit is associated to the sender bank computer system 120. As anotherexample, if the sender has transferred funds to this recipientpreviously, then the bank computer system 120 identifies the memberentity with which it is associated based on the unique ID itself (e.g.,where the unique ID is embedded with information that identifies thefinancial institution). At step 323, the sender's registry is updated toinclude an entry for the recipient, including the unique identifier ofthe recipient. At step, 325 the funds are transferred to the memberentity (e.g., the recipient bank in the example of FIG. 1) for depositalong with the unique ID of the recipient. Based on the unique ID, theinformation directory 158 may be accessed by the recipient bank computersystem 150 to identify the account number of the recipient. The fundsmay then be deposited in the bank account of the recipient.

If, at step 321, the recipient is not a user that is registered atanother member entity of the funds transfer payment network, then theprocess proceeds to step 331 illustrated in FIG. 3B. At step 331, thesponsor identification logic 182 of the payment service computer system160 transmits inquiries to other payment networks (e.g., PayPal®, Star,Blink, Interlink, Plus, etc.), and it is determined if the token isassociated with a user that is registered at another payment network.For example, the sponsor identification logic 182 may transmit aninquiry to a first payment network to inquire whether the recipient isregistered at that payment network. If not, the sponsor identificationlogic 182 may continue to transmitting additional inquiries to otheraffiliated payment networks until the payment network at which therecipient has registered an account is identified. At step 333, if therecipient is registered with another payment network, information mayalso be stored in the information directory 168 identifying the paymentnetwork determined to be associated with that token, therebyfacilitating additional funds transfers to that token in the future.Next, at step 335 the funds may be transferred to the recipient byrouting the funds through the other payment network. Hence, in such anarrangement, funds may be pushed to a recipient that is not registeredwith the funds transfer payment network without the sender having toknow or be concerned about whether the recipient is registered with thefunds transfer payment network.

If, after the search of other payment networks is completed, no otherpayment network is identified at which the recipient is registered, thenthe recipient is presumed to not be a registered user of any paymentnetwork. Accordingly, at step 341, an invitation is sent to therecipient to invite the recipient to join the payment network. Forexample, if the token used by the sender is an e-mail address, then ane-mail is sent to the recipient informing that another user isattempting to transfer funds to the recipient and inviting the recipientto join the payment network. A link in the e-mail may, for example,deliver the recipient to the website provided by the bank computersystem 120. As another example, if the token used by the sender is acell phone number, the recipient may be sent a text message containing aURL inviting the recipient to join the payment network. As will beappreciated, the recipient may be sent such an invitation in othersituations, e.g., if the recipient is not a registered user of the fundstransfer payment network, even if the user is a registered user ofanother payment network.

At step 343, the recipient may be prompted to provide accountinformation. At step 351, based on the account information, it may bedetermined whether the user is a customer of one of the member entities.For example, a bank routing number for a demand deposit account may beused to determine whether the user is a customer of one of the memberentities. If the recipient is a customer of a member entity, then atstep 353 the recipient may be transferred to the member entity forregistration (e.g., the recipient bank in the example of FIG. 1). Aunique ID is associated with the recipient in the information directory158 of the recipient bank computer system 150 and in the informationdirectory 168 of the payment service computer system 160. At step 355,the sender's registry is updated to include the recipient, including theunique identifier of the recipient. At step 357, the funds aretransferred to the recipient.

If the recipient is not a customer of a member entity, then at step 363the recipient is registered by the payment service computer system 160.At step 365, the sender's registry is updated to include an entry forthe recipient, including the unique identifier of the recipient. At step367, the funds are transferred to the recipient. As will be appreciated,if the recipient has customized fund transfer preferences, the fundtransfer may be processed by the rules engine 188 according to therecipient preferences. Examples of token customization to reflect suchpreferences were previously described above in connection with rulesengine 188 and token generation logic 190.

FIG. 4 is a screen shot of a web page 400 that may be provided to a userwhen the user selects a preferences tab. The web page 400 may be used toconfigure preferences in connection with the token management logic 129,159 or 169 (depending on where the user registered for the paymentnetwork). Web page 400 includes a plurality of fields including adefault notification settings field 401, a manage connections field 411,and a manage recipients field 431. The default notification settingsfield 401 presents the user with information regarding the currentdefault notification settings for a funds transfer event. As shown inthe screen shot in FIG. 4, notification settings field 401 may includesettings to specify a telephone number to which automated telephone callnotifications or text message notifications should be sent (field 403)and an e-mail address to which e-mail notifications should be sent(field 405). The user may also be permitted to specify the name on theaccount (field 407) as it should appear to other users when the otherusers receive a funds transfer notification. The information specifiedin field 407 may also be used in other situations, for example, whenother users are searching for connections through a lookup service ininformation directory 128, 156, 168. The user may configure the rulesengine 188 to notify the user regarding transactions based on the userpreferences received from the user prior to the occurrence of thetransactions. If the user fails to configure customized notificationsettings, default notification settings may be used. In variousimplementations, a user may choose different/custom notificationsettings for each token that the user has registered.

In the example shown in FIG. 4, the telephone number that may receive acall, text message or voice message, upon the occurrence of apredetermined event is 949-555-7878. Additionally, the e-mail addressthat may be used to notify the user that a fund transfer has occurredfrom or to the user's accounts is pat@mail.com. The user may choose tobe notified by e-mail or telephone or both.

The token field 413 may display a particular token that the user hasregistered or is in the process of registering. The status field 415 maydisplay whether the token has been verified/unverified or isactive/inactive. The receiving money field 417 is derived in part on theinformation in the status field and indicating whether a particulartoken is currently available for sending/receiving money. For example,for the inactive phone number (i.e., 650-555-5555), the user maysend/receive funds using this token for connections established prior tothe token becoming inactive. However, the user cannot establish newconnections with other users based on this token. For example, this maybe a mobile number that was previously owned by the user. Because aunique ID serves as the basis for funds transfers after a connection hasbeen established, previously established connections are still valid(because they are based on the unique ID and not the mobile number),however, new connections are not permitted to be established (becauseanother user may now be using the token).

The account number field 419 may display the type of account and apartial account number of an account that is associated with the tokenin field 413. Hence, funds sent/received using the token specified infield 413 are withdrawn from/deposited to the account specified in field419. If an account number is not associated with the e-mail address orthe mobile number in field 413, then the account number field 419 maydisplay a message such as “account is not specified.” The notificationfield 421 may indicate whether the default notification settingsspecified in field 701 are to be used for notifications or whetherother/customized settings are to be used.

Actions field 423 may include various links that allow the user to takevarious actions. For example, links may include, edit, remove, andverify. If the status of a token is verified, then the edit field allowsthe user to edit attributes of the token as specified in the rulesengine 188. For example, the accounts and notification preferences(fields 719 and 721) may be edited in greater detail. If the accountnumber is verified, then the remove link may also be displayed. if theaccount is unverified or inactive, a verify link that sends an e-mail ora SMS and displays a verification code may be displayed. An edit andremove link may also be displayed for unverified or in active e-mail ortelephone numbers. The user may also add new tokens using newconnections link 425.

As will be apparent from fields 401 and 411, separate payment andnotification channels may be used for funds transfers. For example, forthe 415-555-4001 token, the payment channel occurs through the415-555-4001 token, however, the notification channel occurs through the949-555-7878 and pat@mail.com tokens. Additionally, if the user decidesto set a custom notification channel for the 415-555-4001 token, theuser can do so without disrupting connections that have already beenestablished using the 415-555-4001 token. Disrupting one channel (e.g.,by changing the token) does not impact the other channel.

The manage connections field 431 allows a user to perform variousfunctions related to managing the user's connections with other users.Field 431 shows a registry of connections that have been established bya user. Within field 431 various information may be displayed regardingeach other user, for example, name (field 433), nickname (field 435),e-mail/mobile (field 437), status (field 439), and actions (field 441)and a link that allows a user to add new recipients 443. Although notspecifically shown, it will be appreciated that a unique ID may also bestored for each of the users in the registry shown in field 431. Aspreviously indicated, the unique ID need not be known by the user and ismaintained more securely.

The name field 433 may be the name of the recipient as it appears on theaccount associated with the other user (e.g., as specified by the otheruser). The nickname field 435 may be a nickname assigned to the otheruser (e.g., as specified by the user). The e-mail/mobile field 437 maydisplay the public tokens that are being used by the recipient. Thestatus field 437 may display whether a permanent connection has beenestablished for a particular contact. Actions field 441 may bedetermined based on the status field. For example, if a link has beenestablished, then the actions field 441 may display a link that allows auser to send money to the recipient. If a link has not been established,then the actions field may display a send money link, but the actionsfield 441 may also display a view details link. The view details linkmay display another screen to the user where the user may providefurther details to establish a connection with a recipient. Otheractions that may be displayed are edit and remove. Edit may allow theuser to edit each field discussed above and remove may allow a user toremove a recipient and related information from the user's registry. Alink 443 may be used to add additional users to the registry, e.g., viaa search of information directories 128, 158 and/or 168.

In an example implementation, the manage connections field 431 maypresent a message to the user that informs the user when another user isno longer the owner of a token. The message may include a link thatallows the user to update the token information. In otherimplementations, if the other user's information has changed, then themessage presented by the manage connections field 431 may allow the userto update the outdated information.

FIG. 5 is a screen shot of a form that allows a user to update defaultor custom notification settings. In FIG. 5, the user is provided with alist of e-mail addresses associated with the user's account. The usermay use a checkbox to indicate which e-mail address should receive anotification. For example, the user in the screen shot shown in FIG. 5has chosen e-mail address “psmith@google.com” by placing a check mark505 in the appropriate field. In other implementations, a user maychoose multiple e-mail addresses instead of choosing a single e-mailaddress. Also shown on the screen shot are telephone numbers associatedwith the user accounts. The user may use a check mark 509 to select aphone number that receives a notification. In other implementations, theuser may choose multiple telephone numbers and multiple e-mail addressesfor notification. A link 511 may allow the user to add e-mail addressesor telephone numbers to the account information maintained by the bank.In one implementation, the user may select the link and the user may beautomatically taken to a web portal provided by a banking institution.The user may click on save button 513 to save the notification changesimplemented by the user.

FIG. 6 shows a screen shot of a web page 600 that may be presented to auser when the user selects the send money tab. The web page 600 mayinclude a send money field 601 that the user may fill out to send moneyto a chosen recipient. The web page 600 may include a display of variouspayment channels 619 that are available to the user. The web page 600may also include a field 630 showing details regarding recenttransactions that are pending, returned or completed.

The send money form 601 may prompt the user to choose a recipient from apull down menu 603. The list of recipients presented using menu 603 maybe populated using the list of recipients contained in field 431discussed in FIG. 4. The list of recipients menu 603 may contain thenames of users that the user has sent funds to or received funds from inthe past or that have been added in another manner. In oneimplementation, the recipients may be identified by the nicknamesassigned to each recipient. Since the nicknames may be directlycorrelated with the unique ID within the token management logic 129, theaccount information may be derived from the nicknames via the unique ID.Hence, as previously indicated, the connection between the two users isnot disrupted when a cell phone number or e-mail address becomesobsolete. After choosing the recipient, the user may choose an accountfrom which funds may be sent to the recipient using a drop down menu605. The drop down menu may be pre-populated with a list of all accountsthat are held by the user. The user may enter a dollar amount that theuser would like to transfer to the recipient in the amount field 607.The user's name may be presented with an optional field description 609that may allow the user to ascertain that the payment was for aparticular product or service provided by the recipient. Another fieldmay be auto-populated with the user's name as the sender of the funds. Anickname field 611 is also displayed if the recipient knows the user bya name that is different than the user's name as it appears on theuser's account. The send money form 601 also displays links that allowthe user to add recipients 615, manage recipients 617 and edit thecurrent notification preferences 613.

The payment channels form 619 presented to the user may allow the userto choose various payment channels such as, credit card, ACH or PayPal®.Also displayed with each payment channel may be the funds available torecipient field 623. For example, the credit card method may make thefunds available to the recipient within 2-days of processing the sendrequest. However, the user may be charged a fee as indicated by field625, for example, $5.00. In other examples, a user may choose ACH infield 621, however the funds may be available to the recipient in 4 dayswith no fee. Other payment channels, such as PayPal®, Star, Blink,Interlink, and Plus may also be presented to the user.

Field 630 shows a few of the most recent transactions that the user hasperformed. Additional recent transactions may be displayed via selectionof a link to view more transfers and/or by selecting the transferactivity tab. Field 630 may display various fields that includeinformation regarding the transactions. For example, such fields mayinclude a date sent field 633, from account field 635, recipient field637, amount field 639, description field 641, status field 643 andactions field 645. The date sent field 633 lists the date when the userinitiated the send request. The from account field 635 may display thetype of account (i.e. checking, savings, or money market) and a partialaccount number. The recipient field 637 may display the full name of therecipient. The amount field 639 displays the dollar amount sent to therecipient. The description field 641 displays the description that wasentered by the user while processing the request. The status field 643may inform the user whether the fund transfer is pending, returned ornot processed, or has been completed. The actions field 645 may displaya link that allows a user to view more details regarding the currentstatus of the fund transfer.

Out-Of-Network Payments

In an alternative implementation to FIGS. 3A and 3B, a sender may beable to send funds to a recipient who is not a registered user of anymember of any payment network—either the funds transfer payment networkor other existing payment networks. For example, a user at aparticipating bank (i.e., sending bank) through the sending bank'sonline interface, enters a token (e.g., cell phone number or emailaddress) for a desired recipient and a dollar amount desired to be sentto the recipient. The dollar amount and the token are then sent to thefunds transfer payment network for matching services. Because therecipient is either out of the funds transfer payment network or notpart of any known payment network, or both, the funds transfer paymentnetwork fails to match the token in the payment network's directory. Inresponse, the funds transfer payment network sends a message to thesending bank indicating that the token is unknown. The funds transferpayment network also creates a pending payment, which may include someor all of the following fields: unknown token, sending bank, dollaramount, user name, and recipient name.

The sending bank then sends a message to the recipient using the token.For example, the sending bank may send a message to the recipient thatthe sender wants to send the recipient money. Alternatively, the fundstransfer payment network sends the message to the recipient. If therecipient is not a registered user of any member of any payment network,the recipient is directed to a link to the website of the funds transferpayment network to begin the process of registering to receive thepending payment. If the token entered by the sender is the recipient'semail address, the recipient receives the link at his or her emailaddress. If the token entered by the sender is the recipient's cellphone number, the recipient receives the link at his or her cell phonenumber.

FIG. 7 shows a screen shot of an example web page 700 that may bepresented to a recipient upon accepting an invitation in a link. Asindicated in FIG. 7, the recipient is prompted to enter the token wherethe recipient was notified about the pending payment. The user entersthe token in the field in web page 700. The funds transfer paymentnetwork matches the entered token to a pending payment. In oneimplementation, the recipient can only proceed if the entered tokenmatches an unknown token for a pending payment.

In one implementation, a recipient who is not registered with any memberof the funds transfer payment network can only join the funds transferpayment network and receive funds if a registered sender invites thatnon-registered recipient. The information and account ownership of therecipient may be validated and collected before the recipient can evenjoin the funds transfer payment network. Thus, it should be appreciatedthat the funds transfer payment network may verify that a payment ispending before a non-registered out-of-network recipient can join thefunds transfer payment network. Herein, “out-of-network” refers to usersof financial institutions that are not members of the funds transferpayment network. Alternatively, “out-of-network” may also refer tofinancial institutions that are not members of the funds transferpayment network. An in-network user must send an out-of-network user apayment before the out-of-network user can join the funds transferpayment network. This may prevent fraud by ensuring that all users orentities involved in a transaction can be verified. Additionally,because out-of-network users must be invited to the funds transferpayment network by in-network users, fraud and fraudulent transactionsare further reduced or eliminated.

Once the recipient is registered with the funds transfer paymentnetwork, the funds transfer payment network may send the recipient'sbank account information to the sending bank to complete the initiationtransaction. The transaction may be completed via ACH, for example. Asis known in the art, ACH transactions may be a “pull” transaction or a“push” transaction. When an in-network user sends money to anout-of-network user, the sending bank may use a push transaction.

Once the recipient is a registered user of the funds transfer paymentnetwork, the funds transfer payment network and funds transfer system100 may maintain information about the recipient in an out-of-networkdatabase. FIG. 8 illustrates an example funds transfer system 800. Fundstransfer system 800 is similar to funds transfer system 100, except thatthe payment service computer system includes an out-of-network database167. The out-of-network database 167 may store information collectedduring a financial transaction involving out-of-network users. Forexample, the funds transfer payment network may perform a funds transferto an out-of-network user and may store bank information about theout-of-network recipient in the out-of-network database 167. In oneimplementation, the funds transfer system 800 may store token and bankaccount information for out-of-network users in the out-of-networkdatabase 167.

In an alternative implementation, the funds transfer system 800 storesbank account information for out-of-network users in the out-of-networkdatabase 167, but does not store token information for out-of-networkusers in the out-of-network database 167. Instead, the funds transferpayment network associates the recipient with a private identifier asdescribed above. The private identifier may be stored in informationdirectory 168. Alternatively, the private identifier may be stored ininformation directory 128, or information directory 158. Thus, theuser's token information is stored in a separate directory, e.g.,information directory 168, from the out-of-network database 167, and auser's bank account information is stored in the out-of-network database167. It should be appreciated that this alternative implementationincreases user security by not storing a user's token and a user's bankinformation in the same database. It should also be appreciated that nopublicly available information is stored with a user's bank information,thereby reducing the risk of fraud or theft. Thus, the funds transferpayment network can securely process payments and transactions forout-of-network recipients by using a private identifier to match arecipient's token to the recipient's bank information.

In one implementation, information directory 168 does not store bankaccount information. Although the out-of-network database 167 is shownoutside of payment service computer system 160 in FIG. 8, in oneimplementation, the out-of-network database 167 may reside insidepayment service computer system 160.

In future transactions involving the recipient, the funds transferpayment network utilizes the out-of-network database 167 to facilitatethe transfer funds of funds from a member. FIG. 9 is a flow diagramillustrating an example process 900 for facilitating payment or transferof funds to an out-of-network recipient, according to an exampleimplementation of the present invention. Although the process 900 isdescribed with reference to the flow diagram illustrated in FIG. 9, itwill be appreciated that many other methods of performing the actsassociated with the process 900 may be used. For example, the order ofmany of the blocks may be changed, certain blocks may be combined withother blocks, and many of the blocks described are optional.

To pay funds to an out-of-network recipient whose information is alreadystored in out-of-network database 167, data may flow between a sendercomputer system 110, a funds transfer payment network that uses orimplements payment service computer system 160, including out-of-networkdatabase 167, and recipient computer system 130. A sender may wish tosend funds to a recipient using a token, as shown in block 902. Thesending bank sends the token and dollar amount to the funds transferpayment network. The funds transfer payment network notes that the tokenis for an out-of-network recipient, as shown in block 904, and sends amessage to the sending bank indicating the recipient is anout-of-network recipient, as shown in block 906. The sending bank maysend a confirmation to the funds transfer payment network to continuethe transaction, as shown in block 908. Upon receiving confirmation, thefunds transfer payment network accesses the separate out-of-networkdatabase 167, as shown in block 910. The funds transfer payment networkmatches the token to the recipient's bank information stored inout-of-network database 167, as shown in block 912. The funds transferpayment network encrypts the receiving bank account information andopaquely sends the recipient's bank account information to the sendingback, as shown in block 914. The sending bank decrypts and sends therecipient's bank account information and any other information requiredto complete the transaction to ACH 170.

The funds transfer system 100 also allows communications tonon-customers of a financial institution. For example, once a bank is amember of the funds transfer payment network, that bank may be able tosend messages to users who are not customers of that bank. Thus, thefunds transfer payment network can behave as a communicationsintermediary. For example, when a new user is prompted to sign up toregister with a member entity, that user may be presented a screen thatexpressly gains approval to send that user messages. In other words, theuser must agree in one implementation to receive messages from membersas a condition of joining the funds transfer payment network and thefunds transfer system 100. Therefore, once a user is signed up, thatuser can be contacted by other members.

In one implementation, financial institutions who are members of thefunds transfer payment network are able to send, receive and requestfunds on behalf of their customers to non-customers. Thus, it should beappreciated that a financial institution that is a member of the fundstransfer payment network can help its customers do business with otherentities who are not customers of that financial institution.

In one implementation, the funds transfer system 100 may track thestatus of payments and provide notifications to a sender and recipientas to the status of payments.

In one implementation, information is encrypted by a sender bank anddecrypted by a receiver bank so that the payment network does not haveaccess to any of the sender or receiver information. For example, thesender bank may use an encryption algorithm that is known by thereceiver bank but is not known by a funds transfer payment network. Inthis case, the sending bank encrypts the account information before anyinformation is given to the payment network. The payment networkprocesses the information, including transferring encrypted sender andreceiver information to the receiving bank. The receiving bank knows howto decrypt the encrypted information. In this manner the payment networkcannot access any information being communicated by one bank to anotherbank. The entire transfer of funds is thus opaque to the funds transferpayment network.

In one implementation, the funds transfer system 100 relies on thebanks' existing fraud systems to manage risks. In one implementation,the payment system does not actually move any money from one entity toanother or one bank to another. There is no account owned by the paymentservice that can even hold money, even for a temporary period of time.The payment system in one implementation only facilitates the transferof money from one bank to another bank.

In one implementation, the funds transfer system 100 or funds transferpayment network may send a payment from an out-of-network user to anin-network user. The funds transfer payment network may create aseparate out-of-network database for storing information about theout-of-network sender or utilize an existing database.

In one implementation, a user of a member bank may be able to present abill or invoice using the funds transfer system 100. The bill may bepresented to a consumer of a product or service provided by the user ofthe member bank. The consumer may be an in-network user or anout-of-network user. A bill presentment may include an electronic file,e.g., an Adobe PDF® document, a Microsoft Word® document, a text file,an image file or any other suitable document that displays a bill to theconsumer. The electronic file, e.g., an Adobe PDF® document, may includeterms for payment provided by the biller. In one implementation, thefunds transfer system 100 may present other items besides bills, such asmortgage documents, business documents, subpoenas, or patent filings orapplications, for example.

The funds transfer system 100 may also be used to securely presentdocuments where the bank verifies the identity of the consumer receivingthe documents. The sender can also use the bank to verify receipt of thedocuments. In one implementation, the biller can track whether theconsumer has received the bill. For example, the biller may receive anotification from the funds transfer system 100 that the consumerreceived the bill. The sender may also be able to confirm that theconsumer viewed the bill, e.g., opened or accessed the electronic fileon a computer or mobile phone. It should be appreciated that receiptverification or tracking is useful because the biller can confirm, andthe consumer cannot deny, that the consumer received the bill.

For an in-network bill presentment, the biller sends a request formoney, or a bill or invoice, to the funds transfer payment network. Therequest or the bill includes a token identifying the recipient of thebill, or the consumer. The biller appends a request ID to the payment IDand sends the bill to the funds transfer payment network. The biller mayalso be able to add payment instructions to the bill. The funds transferpayment network routes the bill or invoice to the consumer based uponthe token. The consumer responds by paying. The funds transfer paymentnetwork then notifies the biller of payment. A payment ID is sent to thebank and is then matched to the account. It should be appreciated thatthe biller or the biller's bank does not need to have the routing andaccount number of the consumer, thereby increasing security andconvenience for the consumer and the biller.

For out-of-network consumers, instead of sending a payment ID with arequest ID, the funds transfer payment network provides instructions tothe billing bank to debit an account. The funds transfer payment networkalso provides the consumer's ACH information plus the payment ID, plusthe request ID to the biller's bank to debit.

In one implementation, an out-of-network user may be able to sendpayments to a member bank customer even if the member bank customer didnot send a payment request to the out-of-network user. Thus, registeredout-of-network users, i.e., users who appear in the out-of-networkdatabase 167, can send money to a customer of a member bank. The memberbank customers can receive money using that member bank customer'schannel of choice. It should be appreciated that the member bankcustomer does not have to provide perceived confidential information,such as bank account numbers, to out-of-network users from whom theywant to receive money. The funds transfer system 100 may be used fordebit accounts, electronic funds transfers, credit card transactions,Amazon® payments, payments that are facilitated simply via electronicmail, business to business or merchant payments, expedited payments andscheduled payments, such as for rent, a housekeeper, or a weeklybabysitter. In one implementation, the funds transfer payment networkverifies account access via trial deposits. The sender gives amounts oftransactions and the funds transfer system 100 verifies that theout-of-network sender has access to an account and has authorized thedebit transaction.

In one implementation, the out-of-network users sending money may besubject to send limits. The send limit amounts may be for per day, perrolling seven-day or per rolling 30-day time periods. The send limitsmay be enforced for each out-of-network user regardless of thedestination of the payments. If an out-of-network user attempts to senda payment exceeding a send limit, the funds transfer system 100 mayinform the out-of-network user that the payment exceeds the send limit.In one implementation, the funds transfer payment network can imposetransaction fees when an out-of-network user sends money to a customerof a member bank.

The decision to accept and execute a money transfer from anout-of-network consumer who wishes to send money may be managed by themember bank, i.e., the bank of the in-network user receiving the money.As described above with respect to the out-of-network database 167,out-of-network users must enroll for the out-of-network service beforebeing able to send money to a member bank customer. Thus, it should beappreciated that an out-of-network user who is registered may be able toboth initiate a payment to a registered customer of a member bank andrespond to a request for money (e.g., a bill) from a customer of amember bank.

The debit transactions from an out-of-network user's bank account may beoriginated via ACH rails by the member banks. In one implementation, themember bank requires at least one of the following to process atransaction via ACH rails: sender name, transaction amount, transactionfee, recipient profile ID, recipient name as provided by the sender,payment memo, initiation date, bank account number, routing number, andan account type, e.g., checking or savings. When an out-of-network usersends money to an in-network user, the sending bank may use a pulltransaction.

For security purposes, in one implementation, out-of-network users maynot be allowed to initiate requests for payments and may also not beallowed to send payments to other out-of-network users. It should beappreciated that these features prevent fraud and also encouragefinancial institutions to join the funds transfer payment network.

FIG. 10 is a flow diagram illustrating an example process 1000 forfacilitating payment or transfer of funds from an out-of-network senderto an in-network recipient, according to an example implementation ofthe present invention. Although the process 1000 is described withreference to the flow diagram illustrated in FIG. 10, it will beappreciated that many other methods of performing the acts associatedwith the process 1000 may be used. For example, the order of many of theblocks may be changed, certain blocks may be combined with other blocks,and many of the blocks described are optional.

To send funds from an out-of-network sender whose information is alreadystored in out-of-network database 167 to an in-network recipient, datamay flow between a sender computer system 110, a funds transfer paymentnetwork that uses or implements payment service computer system 160,including out-of-network database 167, and recipient computer system130. A sender may wish to send funds to a recipient using a token, asshown in block 1002. The sending bank sends the token and dollar amountto the funds transfer payment network. The funds transfer paymentnetwork notes that the request is from an out-of-network sender as shownin block 1004. The funds transfer payment network may verify accountaccess using trial deposits, as shown in block 1006. The funds transferpayment network sends a message to the receiving bank indicating thesender is an out-of-network sender, as shown in block 1008. Thereceiving bank may send a confirmation to the funds transfer paymentnetwork to continue the transaction, as shown in block 1010. Uponreceiving confirmation, the funds transfer payment network accesses theseparate out-of-network database 167, as shown in block 1012. The fundstransfer payment network matches the sender to the sender's bankinformation stored in out-of-network database 167, as shown in block1014. The funds transfer payment network encrypts the sending bankaccount information and opaquely sends the sending bank's accountinformation to the receiving back, as shown in block 1016. The receivingbank decrypts and sends the sender's account information and any otherinformation required to complete the transaction to ACH 170.

Expedited Payments

In one implementation, a sender may be able to make a “real time” orexpedited payment of funds to a recipient. It should be appreciated thata payment may be considered to be “real time” if the paid funds are madeavailable to the recipient much quicker than payments are typically madeavailable. For example, a payment may be considered to be near real timeif the funds are deposited in the recipient's account within a fewminutes. In one implementation, a payment may be considered to be realtime if funds from a sender to a recipient are deposited in therecipient's account in the amount of time required to send a messagefrom the sender's bank to the recipient's bank. Messages may be sentbetween the sending bank, the funds transfer payment network and therecipient bank via a messaging service, such as, IBM® WebSphere MQ.

Some systems attempt to provide real time payments, however they requireleveraging debit card systems, which can be inconvenient. Other systemsutilize the ACH system, which may take several days to process and doesnot provide the speed of the real time or expedited payments presentlydisclosed. Other systems require that the sender create an account withsome alternative payment provider. Yet other systems require having adirect connection to a financial institution's core processing platform.

Still other systems allow making quick payments from the sender's creditcard. The funds transfer payment network allows sending funds in realtime from the sender's financial institution, such as the sender'sprimary financial institution, to the recipient. It should beappreciated that sending funds from the sender's primary financialinstitution may allow the sender to centralize his or her financialtransactions and more easily and conveniently manage his or her money. Asender could use any number of financial institutions, and couldsend/receive money from any of them as long as each financialinstitution is a member of the funds transfer payment network and thesender uses a different token (e.g., email address, phone) at eachfinancial institution.

Other systems allow quick payments when the sending bank is the same asthe recipient bank. The funds transfer payment network enables real timepayments from a sender to a recipient even when the sender and recipientuse different banks. The funds transfer payment network can work withany core financial institution's system through a system of APIs, anddoes not require a direct connection to a financial institution's coreprocessing platform. The funds transfer payment network couldalternatively work with non-bank financial institutions such as, forexample, brokerage houses or investment companies.

In one implementation, the sending and recipient banks are bothin-network banks. The sending bank and the receiving bank may berequired to agree to offer real time payments to each other before areal time payment can be made. For example, the funds transfer paymentnetwork may provide a real time payment service to the sending bank andthe recipient bank, in which the banks agree to facilitate real timepayments to each other. The funds transfer payment network mayadditionally or alternatively require that before becoming a memberbank, a bank must agree to send and receive real time payments fromother member banks. Individual users may also sign up with theirrespective financial institutions to be able to send and/or receiveexpedited payments for a service fee.

FIG. 11 is a flow diagram illustrating an example process 1100 forfacilitating payment or transfer of funds in real time from anin-network sender to an in-network recipient, according to an exampleimplementation of the present invention. Although the process 1100 isdescribed with reference to the flow diagram illustrated in FIG. 11, itwill be appreciated that many other methods of performing the actsassociated with the process 1100 may be used. For example, the order ofmany of the blocks may be changed, certain blocks may be combined withother blocks, and many of the blocks described are optional.

To pay funds in real time from an in-network sender to an in-networkrecipient, data may flow between a sender computer system 110, a fundstransfer payment network that uses or implements payment servicecomputer system 160, and recipient computer system 130. A sender maywish to send funds in real time to a recipient, as shown in block 1102.In one implementation, the recipient must be eligible to receive a realtime payment, such as, for example, by signing up with a service withthe recipient's financial institution. The sending bank may query thefunds transfer payment network as to whether the recipient is eligibleto receive real time payments. The funds transfer payment network checkswhether the recipient is eligible to receive real time payments, asshown in block 1104, and if so, sends a confirmation message to thesending financial institution, as shown in block 1106. Upon receivingconfirmation that the recipient is eligible, the sending bank removesthe funds from the sender's account, as shown in block 1108. Thus, atthis stage in the process 1100, the funds have been removed from thesender's bank account.

The sending bank then sends an expedited payment message to the fundstransfer payment network, as shown in block 1110. The funds transferpayment network in turn sends an expedited payment message to therecipient bank indicating a real time payment, as shown in block 1112.The recipient bank then funds the recipient's account, as shown in block1114. It should be appreciated that at this stage in the process 1100,the funds have been deposited into the recipient's bank account. Itshould also be appreciated that at this stage in the process 1100, therecipient bank has funded the recipient's bank account from its ownfunds, but the sending bank has not yet funded the money to therecipient bank.

The reconciliation or settlement between the sending bank and therecipient bank may occur at some time after the recipient's account hasbeen funded. The settlement or reconciliation between the sending andrecipient banks may not occur for several hours or even days after apayment is made to a recipient. The amount of time between the fundsbeing deposited in the recipient's account and the reconciliationbetween the sending and recipient banks may be referred to as areconciliation delay. It should be appreciated that the funds transferpayment network substantially avoids the recipient having to wait forthe reconciliation delay before receiving the funds. In some cases, thefunds transfer payment network may provide a maximum number of time,e.g., two hours, for the money to become available to the recipient. Itshould be appreciated that the money could become available to therecipient in substantially the amount of time required to send anelectronic message to the recipient bank.

Referring back to FIG. 1100, after the recipient's account has beenfunded, the recipient bank notifies the funds transfer payment networkthat the recipient's account has been funded, as shown in block 1116.The funds transfer payment network then notifies the sending bank thatthe recipient's account has been funded, as shown in block 1118. Thesending bank may send payment confirmation message to the senderindicating that the recipient's account has been funded. The sendingbank then settles the funds with the recipient bank via, for example, anACH payment, as shown in block 1120.

In one implementation, to make the payment even quicker, the sendingbank may not withdraw funds from the sender's account until after therecipient's account has been funded. The sending bank may howeverrestrict a sender from choosing to send more money than available in thesender's account. This way, the sending back is assured that thesender's account has enough funds to pay back the sending bank.

In one implementation, instead of the receiving bank immediately fundingthe recipient's account, the recipient must accept the payment beforethe funds are transferred to the recipient's account. Upon the recipientaccepting the payment, the receiving bank transfers the requisite amountto the recipient's account.

In one implementation, the funds transfer payment network may require anunregistered recipient to register at an in-network financialinstitution before being able to receive the funds in an expeditedmanner.

The implementations of the present invention have been described withreference to drawings. The drawings illustrate certain details ofspecific implementations that implement the systems and methods andprograms of the present invention. However, describing the inventionwith drawings should not be construed as imposing on the invention anylimitations that may be present in the drawings. The present inventioncontemplates methods, systems and program products on anymachine-readable media for accomplishing its operations. Theimplementations of the present invention may be implemented using anexisting computer processor, or by a special purpose computer processorincorporated for this or another purpose or by a hardwired system.

As noted above, implementations within the scope of the presentinvention include program products comprising machine-readable media forcarrying or having machine-executable instructions or data structuresstored thereon. Such machine-readable media can be any available mediathat can be accessed by a general purpose or special purpose computer orother machine with a processor. By way of example, such machine-readablemedia can comprise RAM, ROM, EPROM, EEPROM, CD-ROM or other optical diskstorage, magnetic disk storage or other magnetic storage devices, or anyother non-transitory medium which can be used to store desired programcode in the form of machine-executable instructions or data structuresand which can be accessed by a general purpose or special purposecomputer or other machine with a processor. Combinations of the aboveare also included within the scope of machine-readable media.Machine-executable instructions comprise, for example, instructions anddata which cause a general purpose computer, special purpose computer,or special purpose processing machines to perform a certain function orgroup of functions.

Implementations of the present invention have been described in thegeneral context of method steps which may be implemented in oneimplementation by a program product including machine-executableinstructions, such as program code, for example in the form of programmodules executed by machines in networked environments. Generally,program modules include routines, programs, objects, components, datastructures, etc. that perform particular tasks or implement particularabstract data types. Machine-executable instructions, associated datastructures, and program modules represent examples of program code forexecuting steps of the methods disclosed herein. The particular sequenceof such executable instructions or associated data structures representexamples of corresponding acts for implementing the functions describedin such steps.

As previously indicated, implementations of the present invention may bepracticed in a networked environment using logical connections to one ormore remote computers having processors. Those skilled in the art willappreciate that such network computing environments may encompass manytypes of computers, including personal computers, hand held devices,multi processor systems, microprocessor-based or programmable consumerelectronics, network PCs, minicomputers, mainframe computers, and so on.Implementations of the invention may also be practiced in distributedcomputing environments where tasks are performed by local and remoteprocessing devices that are linked (either by hardwired links, wirelesslinks, or by a combination of hardwired or wireless links) through acommunications network. In a distributed computing environment, programmodules may be located in both local and remote memory storage devices.

An exemplary system for implementing the overall system or portions ofthe invention might include a general purpose computing computers in theform of computers, including a processing unit, a system memory, and asystem bus that couples various system components including the systemmemory to the processing unit. The system memory may include read onlymemory (ROM) and random access memory (RAM). The computer may alsoinclude a magnetic hard disk drive for reading from and writing to amagnetic hard disk, a magnetic disk drive for reading from or writing toa removable magnetic disk, and an optical disk drive for reading from orwriting to a removable optical disk such as a CD ROM or other opticalmedia. The drives and their associated machine-readable media providenonvolatile storage of machine-executable instructions, data structures,program modules and other data for the computer. It should also be notedthat the word “terminal” as used herein is intended to encompasscomputer input and output devices. Input devices, as described herein,include a keyboard, a keypad, a mouse, joystick or other input devicesperforming a similar function. The output devices, as described herein,include a computer monitor, printer, facsimile machine, or other outputdevices performing a similar function.

It should be noted that although the diagrams herein may show a specificorder and composition of method steps, it is understood that the orderof these steps may differ from what is depicted. For example, two ormore steps may be performed concurrently or with partial concurrence.Also, some method steps that are performed as discrete steps may becombined, steps being performed as a combined step may be separated intodiscrete steps, the sequence of certain processes may be reversed orotherwise varied, and the nature or number of discrete processes may bealtered or varied. The order or sequence of any element or apparatus maybe varied or substituted according to alternative implementations.Accordingly, all such modifications are intended to be included withinthe scope of the present invention as defined in the appended claims.Such variations will depend on the software and hardware systems chosenand on designer choice. It is understood that all such variations arewithin the scope of the invention. Likewise, software and webimplementations of the present invention could be accomplished withstandard programming techniques with rule based logic and other logic toaccomplish the various database searching steps, correlation steps,comparison steps and decision steps. The foregoing description ofimplementations of the invention has been presented for purposes ofillustration and description. It is not intended to be exhaustive or tolimit the invention to the precise form disclosed, and modifications andvariations are possible in light of the above teachings or may beacquired from practice of the invention. The implementations were chosenand described in order to explain the principals of the invention andits practical application to enable one skilled in the art to utilizethe invention in various implementations and with various modificationsas are suited to the particular use contemplated. Other substitutions,modifications, changes and omissions may be made in the design,operating conditions and arrangement of the implementations withoutdeparting from the scope of the present invention as expressed in theappended claims.

Secure Transfer of Funds Through Non-Financial Institutions

In various implementations, senders and/or recipients may have access toan online payment processes or a physical payment terminal maintained bya non-financial institution (e.g., service provider). A “sender” offunds, as used herein, may comprise an entity (individual, company,corporation, etc.) that provides instructions to transfer an amount offunds from the sender's financial institution to a recipient. A“recipient” of funds, as used herein, may refer to the intendedrecipient of the funds from the sender (e.g., the recipient of funds mayreceive funds at a recipient account at the recipient's financialinstitution). A “participant of a funds transfer,” as used herein, mayrefer to either sender of funds or a recipient of funds.

A “financial institution” or FI is an entity that primarily deals withfinancial transactions such as investments, loans, and/or deposits.Example financial institutions include organizations such as commercialbanks, investment banks, insurance companies, brokerages, investmentcompanies, money transmitting entities, trust companies, savings andloans entities, credit unions, shadow banks, or the like.

A “non-financial institution,” or “non-FI” as used herein, may refer toan entity that does not provide financial services as part of itsprimary functions. A non-financial institution may comprise a businessentity that facilitates sale or exchange of goods and services. Examplesof such business entities include service entities and retail entities(e.g., brick-and-mortar retail stores and an online retailers). In someimplementations, non-financial institutions comprise social networkingentities that provide social networking services to users and/or otherindividuals. Examples of such social networking entities includeFacebook®, LinkedIn®, social networks provided by Alphabet®, Inc., andSnapchat®.

Non-financial institutions may support online payment system. An “onlinepayment system,” as used herein, may refer to a website or networkedapplication as well as a server system that enables goods/services to bebrowsed, reviewed, and/or paid for by an individual (e.g., a sender orrecipient) using the individual's digital device. For example, thenon-financial institution may provide a physical device and/or onlineservice for payment of services rendered or payment of past bills to thenon-financial institution. In another example, an online retailer (e.g.,the GAP) may provide a payment processing server in communication over apublic network such as the Internet. An individual may interact with thepayment processing server through a webpage (accessible by a browser onany number of digital devices) or an application such as an applicationon a smartphone.

In various implementations, non-financial institutions may includephysical payment terminals that accept funds from individuals forpayment of goods and/or services. The physical payment terminals atnon-financial institutions may also allow individuals to obtain funds(e.g., physical currency, digital currency, or the like).

Financial institutions may act as financial intermediaries betweensenders and recipients and may facilitate transfer of funds. Financialinstitutions may be regulated by government(s) and/or other regulatorybodies. A “sender financial institution” may refer to a financialinstitution that provides financial services to an entity that attemptsto transfer funds to another. For example, a sender financialinstitution may be the sender's bank. The sender's bank may include anynumber of bank accounts associated with the sender. Each account of thesender may include one or more sender account numbers (e.g., an accountnumber that identifies account of the sender). The sender financialinstitution may provide access to funds (physical currencies, digitalcurrencies, line(s) of credit, etc.) that the sender may use to transferfunds to a recipient.

A “recipient financial institution” may refer to a financial institutionthat provides financial services to an entity that receives funds fromanother. For example, a recipient financial institution may be therecipient's bank. The recipient's bank may include any number of bankaccounts associated with the recipient. Each account of the recipientmay include one or more recipient account numbers (e.g., an accountnumber that identifies account of the recipient). The recipientfinancial institution may provide access to funds (physical currencies,digital currencies, line(s) of credit, etc.) that the recipient may useto receive funds from a sender.

FIG. 12 depicts a diagram of a funds transfer system 1200 for securelytransferring funds from a sender non-financial institution system to arecipient non-financial institution system, according to someimplementations. The funds transfer system 1200 may include a sendersystem 1202, a recipient system 1204, a first non-FI system 1206, asecond non-FI system 1208, a sender FI system 1210, a recipient FIsystem 1212, a payment service system 1218, an automatic clearing house(ACH) system 1220, a public network 1214 and an ACH network (e.g.,private network) 1216.

The sender system 1202 may include one or more digital devicesassociated with a sender (e.g., a user). As an example, the sender maybe a person who transfers funds to a third-party recipient using awebsite of a non-financial institution or a physical payment terminal ofthe non-financial institution (e.g. using a credit card, debit card, orsmart device with a terminal provided by the non-financial institution).As an example, the sender may be a person who has access to a networkedapplication or web page that is managed by a retailer (e.g., the firstnon-FI system 1206). A transfer of funds by the sender may be backed bya sender financial institution, discussed further herein. As an example,the sender may maintain a sender account at a sender financialinstitution that provides access to funds that the sender wishes totransfer to a recipient.

The sender system 1202 may have some or all of the components of adigital device, an example of which is shown in FIG. 19 and discussedfurther herein. For example, the sender system 1202 may be computer(e.g., desktop or laptop computer), a cellular telephone, a smart phone,a mobile handheld wireless e-mail device, a personal digital assistant,a portable gaming device, or other suitable digital device. The sendersystem 1202 may also include one or more processors configured toexecute instructions stored in memory.

The sender system 1202 may include network interface logic 1222, adisplay device 1224, an input device 1226, and a client application1228. The network interface logic 1222 may include program logic thatenables a connection between the sender system 1202 with the publicnetwork 1214 (or any network). The display device 1224 may include adisplay configured to display content, such as a graphical userinterface (GUI) of an online payment system or information from thepayment server system 1218 and/or information from the sender FI system1210. The input device 1226 may be used to permit the sender to initiateaccount access and to facilitate receiving fund transfer requestinformation from the user.

In some implementations, the sender system 1202 may enable sending fundsto the recipient system 1204. For example, the sender system 1202 mayinclude a browser or application configured to interact with onlinepayment processes (e.g., online payment system) supported by the firstnon-FI system 1206.

The client application 1228 may include program logic configured toimplement one or more of the functions of the sender system 1202. Insome implementations, the client application 1228 may include or be anapplication configured to receive and display content (e.g., to thedisplay device 1224) or may include or be a web browser configured toreceive and display web pages from the sender FI system 1210. Forexample, the client application 1228 may include a mobile web browser, aShort Messaging Service (SMS) or other text messaging application, adedicated application, or other computer program configured tosend/receive information over the network 1214.

Though FIG. 12 shows the sender system 1202 within the funds transfersystem 1200, it is noted that in some implementations, the sender system1202 may not reside within the funds transfer system 1200 or some or allof the functions of the sender system 1202 may be performed by the firstnon-FI system 1206. For example, in some implementations where the firstnon-FI system 1206 incorporates a physical payment terminal, the fundstransfer system 1200 may not include the sender system 1202, and/or thefirst non-FI system 1206 may perform some or all of the functionsascribed to the sender system 1202.

The recipient system 1204 may include a digital device associated with arecipient. For instance, a recipient may be a person who receives fundsproved by the sender (e.g., from the sender system 1202) via onlinepayment processes of a non-financial institution (e.g., first non-FIsystem 1206). Transfers of funds to the recipient may include transfersto an account held by the recipient at a recipient financialinstitution. In some implementations, funds are transferred into arecipient account held by the recipient at the recipient financialinstitution (e.g., recipient FI system 1212) before these funds are madeavailable to the recipient. In various implementations, the recipient FIsystem 1212 may provide funds to the recipient before a transfer of thefunds is made from the sender's account at the sender FI system 1210(e.g., via the ACH network 1216).

The recipient system 1204 may have some or all of the components of adigital device, an example of which is shown in FIG. 19 and discussedfurther herein Like the sender system 1202, the recipient system 1204may be computer (e.g., desktop or laptop computer), a cellulartelephone, a smart phone, a mobile handheld wireless e-mail device, apersonal digital assistant, a portable gaming device, or other suitabledigital device. The recipient system 1204 may also include one or moreprocessors configured to execute instructions stored in memory.

The recipient system 1204 may include network interface logic 1230, adisplay device 1232, an input device 1234, and a client application1236. The network interface logic 1230, the display device 1232, and theinput device 1234 may be configured similarly to their counterparts inthe sender system 1202. The client application 1236 may include programlogic configured to implement one or more of the functions of therecipient system 1204. In various implementations, the clientapplication 1236 may include an application configured to receive anddisplay content or a web browser configured to receive and display webpages from the first non-FI system 1206, the second non-FI system 1208,the sender FI system 1210, the payment service system 1218, therecipient FI system 1212, or any combination. The client application1236 may include a mobile web browser, a Short Messaging Service (SMS)or other text messaging application, a dedicated application, or othercomputer program configured to send/receive information over the network1214.

In various implementations, the recipient system 1204 may receive anotification request that requests permission to receive funds from thesender, a notification request that requests approval of a transaction,a notification indicating a status of a transfer of funds, and/or anotification of successful transfer of funds from a sender. Therecipient system 1204 may be configured to interact with online paymentprocesses supported by the first non-FI system 1206, the second non-FIsystem 1208, or both.

Though FIG. 12 shows the recipient system 1204 within the funds transfersystem 1200, it is noted that in some implementations, the recipientsystem 1204 may not reside within the funds transfer system 1200 or someor all of the functions of the recipient system 1204 may be performed bythe second non-FI system 1208. For example, in some implementationswhere the second non-FI system 1208 incorporates a physical paymentterminal, the funds transfer system 1200 may not include the recipientsystem 1204, and/or the second non-FI system 1208 may perform some orall of the functions ascribed to the recipient system 1204.

The first non-FI system 1206 may include any number of digital devicesconfigured to support the functions of the first non-financialinstitution. For example, the first non-FI system 1206 may be a serverthat hosts a website of a retailer. The website may allow users (e.g.,sender or receiver) to browse goods and/or services. The website mayalso allow users to make purchases of the goods and/or services. In someimplementations, the first non-FI system 1206 may be a server forinteracting with an application (e.g., client application 1228 or clientapplication 1236) on any number of digital devices. The application mayallow users to make payments for the goods and/or services.

In various implementations, the first non-FI system 1206 may provideservices to assist users to direct funds to other users. For example,the first non-FI system 1206 may provide an interface or device thatallows the sender or recipient to register with the payment servicesystem 1218. The interface may also enable the sender system 1202 toidentify the recipient and indicate an amount to transfer to therecipient. The first non-FI system 1206 may provide all or part of theinformation to the payment service system 1218, the sender FI system1210, or any other system as further described herein. In suchimplementations, the first non-FI system 1206 may include one or moreservers each with one or more processors configured to executeinstructions stored in memory. The servers may be configured to processpayment information provided by the client application 1228 on thesender system 1202.

The first non-FI system 1206 may have some or all of the components of adigital device, an example of which is shown in FIG. 19 and discussedfurther herein. In some implementations, the first non-FI system 1206includes a physical payment terminal that is configured to managepayments for a sender non-financial institution. In theseimplementations, the physical payment terminal may comprise circuitry,other hardware, and/or software configured to process paymentinformation from the sender (e.g., a credit card at the physicalterminal) or from the sender system 1202.

The first non-FI system 1206 may include network interface logic 1238,an optional display device 1240, an input device 1242, and a non-FIapplication 1244. The network interface logic 1238, the display device1240, and the input device 1242 may be configured similarly tocounterparts described herein.

The non-FI application 1244 may be configured to manage payments for asender non-financial institution. For example, the non-FI application1244 may provide a physical device, web pages, or information toapplications (e.g., including client application 1228). The non-FIapplication 1244 may, in some implementations, allow for users to payfor goods/services previously purchased, browse goods/services, purchasegoods/services, and/or provide requests to transfer money to others. Insome implementations, the sender non-FI application 1244 may includeprogram logic to process payment information provided to a physicalpayment terminal supported by the first non-FI system 1206. The sendernon-FI application 1244 may include program logic to support onlinepayment processes managed by the first non-FI system 1206.

In some embodiments, the non-FI application 1244 or a financial servicesprovider (e.g., the MasterCard network) may tokenize (e.g., encrypt) anumber of other identifying information associated with a financialinstrument of a sender or recipient (e.g., a credit card or debit cardnumber) to create a token for the sender or recipient. The issuing orbacking financial institution for the financial instrument may becapable of de-tokenizing the token to recover the information asdisclosed herein. The non-FI institution 1244 may store the tokenizedfinancial instrument of the sender or recipient for future transactions.The non-FI application 1244 may also retrieve or identify a financialidentifier that identifies a financial institution associated with thefinancial instrument (e.g., the financial institution that issued thefinancial instrument).

The second non-FI system 1208 may be similar to the first non-FI system1206. For example, both systems may be owned by the same entity orrelated entities (e.g., both systems provide services for the sameentity). Alternately, each system may be operated, owned, or controlledby different entities.

Like the first non-FI system 1206, the second non-FI system 1208 mayinclude any number of digital devices configured to support thefunctions of the second non-financial institution. For example, thesecond non-FI system 1208 may provide a physical interface to receivepublic identifiers and/or account numbers of senders or recipients totransfer funds to any number of individuals. In another example, thesecond non-FI system 1208 may be a server that hosts a website of aretailer. The website may allow users (e.g., sender or recipient) tobrowse past purchases and/or future purchases for goods or services. Thewebsite may also allow users to make purchases of the goods and/orservices. In some implementations, the second non-FI system 1208 may bea server for interacting with an application (e.g., client application1228 or client application 1236) on any number of digital devices. Theapplication may allow users to make payments for the goods and/orservices.

In various implementations, the second non-FI system 1208 may provideservices to assist users to direct funds to other users. For example,the second non-FI system 1208 may provide an interface (e.g., of aphysical device) that that allows the sender or recipient to registerwith the payment service system 1218. The interface may also enable thesender system 1202 to identify the recipient and indicate an amount totransfer to the recipient. The second non-FI system 1208 may provide allor part of the information to the payment service system 1218, the firstFI system 1206, or any other system as further described herein. In suchimplementations, the second non-FI system 1208 may include one or moreservers each with one or more processors configured to executeinstructions stored in memory. The servers may be configured to processpayment information provided by the client application 1236 on therecipient system 1204.

The second non-FI system 1208 may have some or all of the components ofa digital device, an example of which is shown in FIG. 19 and discussedfurther herein. The second non-FI system 1208 may have some or all ofthe components of a digital device, an example of which is shown in FIG.19 and discussed further herein. In some implementations, the secondnon-FI system 1208 includes servers and/or a physical payment terminalthat is configured to manage payments for a recipient non-financialinstitution. The physical payment terminal may comprise circuitry, otherhardware, and/or software configured to process payment information inpayment hardware on the recipient system 1204.

In some implementations, the second non-FI system 1208 may be configuredto support online payment processes for a recipient non-financialinstitution. In such implementations, the second non-FI system 1208 mayinclude one or more servers each with one or more processors configuredto execute instructions stored in memory. The servers may be configuredto process payment information provided by the client application 1236on the recipient system 1204.

The second non-FI system 1208 may include network interface logic 1246,a display device 1248, an input device 1250, and a non-FI application1252. The network interface logic 1246, the display device 1248, and theinput device 1250 may be configured similarly to counterparts describedherein. The non-FI application 1252 may be configured to managepayments. The recipient non-FI application 1252 may include programlogic to process payment information provided to a website or a physicalpayment terminal supported by the second non-FI system 1208. In someimplementations, the recipient non-FI application 1252 comprises programlogic to support online payment processes managed by the second non-FIsystem 1208, as well as logic to tokenize a sender or receiver'sfinancial instrument(s).

The sender FI system 1210 may be any digital device operated by orproviding services to a financial institution (e.g., a sender financialinstitution). The sender FI system 1210 may have some or all of thecomponents of a digital device, an example of which is shown in FIG. 19and discussed further herein. The sender FI system 1210 may hold one oraccounts on behalf of a sender. The sender financial institution maymaintain accounts held by customers, such as demand deposit accounts,credit card accounts, home mortgage loans, student loans, or the like.The sender FI system 1210 may include one or more servers each with oneor more processors configured to execute instructions stored in memory,send and receive data stored in memory, and perform one or moreoperations. The sender FI system 1210 may include network interfacelogic 1254, account processing logic 1256, an account database 1258, aninformation directory 1260, and token management logic 1262. The networkinterface logic 1254 may include program logic that connects the senderFI system 1210 to the network 1214. The network interface logic 1254 mayfacilitate secure communications between the sender FI system 1210 andother elements in FIG. 12.

The account processing logic 1256 may be configured to processtransactions in connection with the account(s) of the account holder,such as account credits and debits to checking and savings accounts,credits and debits to home mortgage and home equity accounts, creditsand debits to student loan accounts, or the like. In someimplementations, when funds are transferred into or out of an account ofan account holder (e.g., an account of a participant), the accountprocessing logic 1256 may reflect an appropriate debit or credit in theaccount database 1258. The account processing logic 1256 may alsoprocess fund transfer requests to transfer funds from a sender to arecipient. The funds may be transferred using the techniques describedherein.

The account database 1258 may be configured to store account information(e.g., transactions, information about the account holder, and so on)for accounts that are maintained by the bank on behalf of its customers.

The information directory 1260 may be configured to store tables thatcorrelate user identifiers with account information used to effect atransfer of funds. The information directory 1260 may be used when auser identifier not specifying account information is used to effect atransfer of funds. In some implementations, the information directory1260 may associate a sender's private identifier with a sender's accountin the account database 1258. The information directory 1260 is furtherdescribed herein.

“Account information,” as used herein, may refer to information used toeffect a transfer of funds to or from a participant of a funds transfer.Account information may include, for instance, account numbers, routingnumbers, credit card numbers, digital currency codes that effecttransfer of funds, or the like.

A “user identifier” or interchangeably, “user token,” as used herein,may refer to information that identifies a participant of a fundstransfer for the purpose of transferring funds. User identifiers mayinclude or be associated with public identifiers/public tokens andprivate identifiers/private tokens.

A “public identifier” or interchangeably a “public token,” may refer toinformation that identifies a participant of a funds transfer but thatdoes not identify account information related to the participant. Insome implementations, public identifiers may be configured to be sharedby participants with one another. As an example, a participant may wishto share a public identifier with other participants who wish to sendhim funds or receive funds from him. Public identifiers may be, forexample, email addresses or other information that may be used toidentify a participant (e.g., a sender or recipient) such as a phonenumber.

A “private identifier” or interchangeably, a “private token,” as usedherein, may refer to information that identifies a user (e.g., a userwith an account at the FI system) and/or may be associated with accountinformation (e.g., an account number) related to the participant.Private identifiers may be generated by the sender FI system 1210 andmay be used by the sender FI system 1210 to identify accountinformation, such as account numbers, routing numbers, credit cardinformation, or the like. In some implementations, the privateidentifier does not include a bank account number, routing number,credit card numbers, or the like.

Private identifiers may be known by one or more financial institutionsand entities that are members of a payment network that effect transfersof funds to participants. In one example, the sender FI system 1210 maygenerate a private identifier associated with the sender. The privateidentifier, however, may not indicate to any other entity any privateinformation. The sender FI system 1210 may share the sender's privateidentifier with the payment service system 1218. The sender's privateidentifier may not be provided to the sender system 1202, sender,recipient's system 1204, recipient, first non-FI system 1206, or thesecond non-FI system 1208. Neither the payment service system 1218 northe recipient FI system 1212 may be able to identify any account numbersor other private information from the sender's private identifier.

The FI system (e.g., sender FI system 1210 and the recipient FI system1212 may not share private identifiers with any entity other than FIsystems (e.g., each other), the automatic clearing house system 1220discussed herein, and/or the payment service system 1218. Similarly, thepayment service system 1218 may not share the private identifiersreceived from FI systems with any entities other than FI systems. Asdescribed herein, participants to funds transfers between non-financialinstitutions may transfer funds to one another using public identifiersthat the participants may provide one another, using the techniquesdescribed herein. This arrangement, in some implementations, allows thesender to uniquely identify the recipient (e.g., with an e-mail addressor other identifier), without necessarily having private/personalinformation regarding the recipient (i.e., the recipient's bankaccount/routing number). In addition to the public and privateidentifiers that have already been described herein, additionalidentifiers may also be used. For example, such additional identifiersmay be handled with varying levels of security. As another example,variations of existing public identifiers may be used to implementspecial purpose public tokens, public tokens with customizedfunctionality, and so on, as discussed in greater detail below.

The sender FI system 1210 may include an account database 1258 and aninformation directory 1260. Once a user is registered with the paymentservice system 1218 described herein, the sender FI system 1210 maygenerate a private identifier associated with a user's publicidentifier. The private identifier of the user may be associated withboth the user's public identifier (e.g., the user's email address, phonenumber, or other contact information) as well as a user's account at thesender FI system 1210. The account database 1258 may include the user'saccount and the information directory 1260 may associate the publicidentifier, private identifier, and account information (e.g., accountnumber). The account database 1258 may include any number of accountsfor any number of users. The information directory 1260 may includeinformation for any number of private identifiers and public identifiersfor any number of users.

The token management logic 1262 may be configured to manage tokens(e.g., public identifiers and/or private identifiers). In variousimplementations, the token management logic 1262 may be configured toregister tokens, authenticate tokens, generate tokens, or the like. Thetoken management logic 1262 may also facilitate identification of therecipient when a token is not recognized. The token management logic1262 may also be used to customize attributes of tokens, such thatparticular accounts are used, particular methods of notification areused, and so on. The token management logic 1262 may have some or all ofthe attributes of the token management logic 129 shown in FIG. 2 anddiscussed in relation thereto.

In some implementations, the token management logic 1262 may beconfigured to recognize, identify, authenticate, and de-tokenize tokensof financial instruments (e.g., that were tokenized by the first non-FIsystem 1206). Once de-tokenized, the token management logic 1262 mayrecover financial information such as an account number or routingnumber associated with a financial instrument as discussed herein.

The recipient FI system 1212 may comprise a digital device operated by afinancial institution that provides financial services to the recipientsystem 1204. The recipient FI system 1212 may have some or all of thecomponents of a digital device, an example of which is shown in FIG. 19and discussed further herein. The recipient financial institution maymaintain accounts held by customers, such as demand deposit accounts,credit card accounts, home mortgage loans, student loans, or the like.The recipient FI system 1212 may include one or more servers each withone or more processors configured to execute instructions stored inmemory, send and receive data stored in memory, and perform one or moreoperations. The recipient FI system 1212 may include network interfacelogic 1264, account processing logic 1266, an account database 1268, aninformation directory 1270, and token management logic 1272. The networkinterface logic 1264, the account processing logic 1266, the accountdatabase 1268, the information directory 1270, and the token managementlogic 1272 may be configured similarly to counterparts in the sender FIsystem 1210.

The payment service system 1218 may include a digital device configuredto enable or facilitate payment services that allow secure transfer offunds from the sender to the recipient (e.g., from a sender account atthe sender FI system 1210 to a recipient account at the recipient FIsystem 1212 as instructed by the sender system 1202 via the first non-FIsystem 1206). The payment service system 1218 may have some or all ofthe components of a digital device, an example of which is shown in FIG.19 and discussed further herein. The payment service system 1218 maycomprise one or more servers each with one or more processors configuredto execute instructions stored in memory, send and receive data storedin memory, and perform one or more operations.

In some implementations, the payment service system 1218 assists in thetransfer of funds between one or more of the sender FI system 1210, therecipient FI system 1212, the sender non-FI bank system 1214, and therecipient non-FI bank system 1216.

The payment service system 1218 may provide payment services toparticipants that have accounts at member banks. More particularly, insome implementations, the financial institutions associated with thesender FI system 1210 and the recipient FI system 1212 may comprisemember banks. “Member banks,” as used herein, may refer to financialinstitutions that are members of the payment service system 1218 andthat follow protocols established by government agencies, regulatorybodies, or the like for transferring funds to one another. In variousimplementations, the payment service system 1218 provides paymentservices to participants that have accounts at financial institutionsthat are not member banks.

The payment service system 1218 may include network interface logic1295, account processing logic 1276, an account database 1278, aninformation directory 1280, token management logic 1282, fund transferlogic 1284, and registration logic 1286. The network interface logic1274, the account processing logic 1276, the account database 1278, theinformation directory 1280, and the token management logic 1282 may beconfigured similarly to counterparts in the sender FI system 1210.

In various implementations, participants to a funds transfer may sharetheir information with the information directory 1280 using the network1214. Network interface logic 1274 may be configured to receiveinformation over the network 1214. The account processing logic 1276 maydetermine if a public identifier of a participant is registered bydetermining if there is an account associated with the public identifierin the account database 1278. A participant may be added to theinformation directory 1280 upon registering for the funds transfersystem 1200 through the sender FI system 1210 or through the firstnon-FI system 1206. Upon registration, a new entry may be created forthe newly registered user in a database that implements the informationdirectory 1280. In some implementations, the information directory 1280is populated automatically with public identifiers and privateidentifiers during a secure online banking session that includes thesender FI system 1210.

In some implementations, the information directory 1280 storesregistries of other participants connected to a specific participant.For instance, for each user, the information directory 1280 may store aregistry that includes a listing of each other user with whom the userhas an established connection. Such connection may be established, forexample, the first time that the user sends or receives funds from theother user. A connection may also be established by way of a userinterface that permits a user to add connections with other usersthrough a lookup service in the information directory 1280 and/oranother information directory. An example of such a user interface isdiscussed in connection with FIG. 4 and further herein. The users mayinclude not only users that are registered in the funds transfer paymentnetwork, but also other affiliated payment networks, as discussed ingreater detail below. For each user in the registry, additionalinformation may be stored, such as their unique ID and/or otherinformation. As another example, the information for the other users maybe stored in separate database entries in the information directory1280.

In various implementations, the information directory 1280 may compriseone of a plurality of information directories, each maintained by adifferent institution or entity. Each information directory may storeinformation about participants relevant to the digital device containingit. Each information directory may allow relevant participants toregister with it.

The fund transfer logic 1284 may be configured to assist with thetransfer of funds between two participants. The fund transfer logic 1284is further described with regard to FIG. 13. Fund transfers may involvetransfers of funds from a sender to a recipient. In variousimplementations, all participants to a transfer may have registered forfund transfer services provided by the payment service system 1218.However, in some implementations, at least one participant may beregistered only for financial services of a financial institution and/orregistered to use the purchase processes (physical purchase terminal,online purchase processes, etc.) of a non-financial institution. Asnoted herein, registration for fund transfer services provided by thepayment service system 1218 may include registering public identifiersfor participant accounts and/or receipt of participant redemption tools(e.g., financial instruments), both of which are further discussedherein. In various implementations, a recipient of a funds transfer mayneed not take any action to accept a payment (e.g., the recipient mayhave an “auto-accept” status that allows transfer to the recipient'sparticipant account without further action by the recipient). It isnoted in some implementations, the recipient may have to manually acceptat least some or all fund transfers.

In some implementations, the payment service system 1218 may provide aweb portal provided for an online community of individuals where suchindividuals obtain user names/login IDs or otherwise become registeredmembers. The individuals may, for example, use the web portal tointeract with each other and/or to interact with a service provided bythe online community. Examples of online communities include MSN®,iPhone® users, Facebook®, LinkedIn®, etc. The payment service may, forexample, be an additional service that is offered by the web portal tothe members of the online community. As another example, the paymentservice may be provided by one of the financial institutions, e.g., suchthat a financial institution performs both the operations describedherein as being performed by the sender FI system 1210, the recipient FIsystem 1212, the sender non-FI bank system 1214, and the recipientnon-FI bank system 1216.

In implementations where the second non-FI system 1208 corresponds to aphysical purchase terminal, the transfer logic 1284 may manage transfersof funds from the sender FI system 1210 to the second non-FI system1208. Funds obtained at the second non-FI system 1208 may take the formof physical currency, digital currencies, etc. a recipient may obtainfrom the physical purchase terminal. In implementations where the secondnon-FI system 1208 supports online payment processes, the transfer logic1284 may manage transfers of funds from the sender FI system 1210 to thesecond non-FI system 1208 and/or the recipient system 1204. Fundsobtained at the second non-FI system 1208 and/or the recipient system1204 may take the form of digital currencies, etc. that can be depositedinto online accounts maintained by the recipient FI system 1212 and/oraccessed by the second non-FI system 1208 and/or the recipient system1204. In some implementations, the transfer logic 1284 may facilitatefund transfers to unregistered participants. In some implementations,the transfer logic 1284 may instruct the sender FI system 1210 and therecipient FI system 1212 to extract public identifiers from thetransaction data. The transfer logic 1284 may further instruct thesender FI system 1210 and/or the recipient FI system 1212 to look upDDAs after the public identifiers have been extracted.

The registration logic 1286 may be configured to manage registration ofunregistered participants for fund transfers. The registration logic1286 is further described with regard to FIG. 14. In someimplementations, the registration logic 1286 may issue participantaccounts to access those participant accounts. A “participant account,”as used herein, may refer to a registration account managed by thepayment service system 1218 to assist in the transfer of funds betweenfinancial institutions. A participant account may be linked to and/orbacked by funds in financial accounts provided by a financialinstitution. Participant accounts may be identified by account numbersand/or other account identifiers.

The registration logic 1286 may create tokenized account data for thoseparticipant accounts when a participant seeks to register useridentifiers for those participant accounts. “Tokenized account data,” asused herein, may comprise a representation of account information thatmakes the account information secure from outside discovery. In someimplementations, tokenized account data may comprise a proxy number orencrypted version of account information. The tokenized account data mayfurther include the names/identifiers/etc. of financial institutionsthat are associated with the account information. In variousimplementations, the registration logic 1286 may allow users to registeruser identifiers for participant accounts.

The Automatic Clearing House (ACH) system 1220 may include one or moredigital devices used to transmit funds to and from bank accounts of thesenders and recipients. The Automatic Clearing House (ACH) system 1220may be used to transmit funds to and from bank accounts of the sendersand recipients. In some implementations, the ACH system 1220 mayfacilitate secure transfer of funds and/or information between thesender FI computer system 1210 and the recipient FI computer system1212. The ACH system 1220 may include a computer system configuredsimilarly to the ACH system 170 shown in FIG. 1.

In some implementations, the ACH system 1220 may enable a batchprocessing system. A “batch processing system,” as used herein, mayinclude a system that allows financial institutions to accumulatetransactions over a specified period of time. In some implementations,financial institutions that transfer funds to one another over a batchprocessing system may accumulate transactions over a specified period oftime (hourly, daily, weekly, etc.) or until a specified event hasoccurred. After the specified period of time or specified event, thefinancial institutions may settle amounts owed to one another using aprivate network (e.g., ACH network 1216) and/or the ACH system 1220. Insome implementations, a batch transfer system may allow financialinstitutions to transfer funds to one another as needed and to settleamounts owed to one another at a specified time each day, week, etc.Settlement times may be supported by regulations. As an example,National Automated Clearing House Association (NACHA) rules may requirefinancial institutions that use a batch processing system to settlecredits to one another before the end of the next business day after aspecific fund transfer.

In various implementations, the ACH network 1220 may allow the sender FIsystem 1210 and the recipient FI system 1212 to transfer fundselectronically. Instead of using paper to carry necessary transactioninformation, such as with checks, transactions over the ACH network 1220may be transmitted electronically over a private network, allowing forfaster and more secure processing times and cost savings. The ACHnetwork 1220 may process different types of transactions, including butnot limited to Direct Deposit transactions and Direct Paymentstransactions. Direct Deposit transactions may comprise the deposit offunds for payroll, employee expense reimbursement, government benefits,tax and other refunds, and annuities and interest payments. DirectDeposit transactions may include ACH credit payment from a business orgovernment to a consumer. Direct Payment transactions may comprise theuse of funds to make a payment. In some implementations, individualsand/or organizations can make a Direct Payment via ACH as either an ACHcredit or ACH debit. Direct Payment transactions may be processed as ACHdebit transactions, ACH credit transactions, or some combinationthereof. A Direct Payment transaction processed as an ACH credittransaction pushes funds into an account. An example of this is when aconsumer initiates a payment through his/her bank or credit union to paya bill. A Direct Payment processed as an ACH debit transaction may pullfunds from an account. An example of this is when a consumer establishesa recurring monthly payment for a mortgage or utility bill, and his/heraccount is debited automatically.

While FIG. 12 describes a sender system 1202 and a recipient system1204, it will be appreciated that the sender system 1202 and therecipient system 1204 may be optional. For example, a sender mayinteract directly with the first non-FI system 1206 which may include,for example, a physical device configured to receive a credit or debitcard number from the sender. The physical device may further receive apublic identifier of the sender. In some implementations, the physicaldevice or another part of the sender system 1202 may further receive anamount to transfer to a recipient as well as a recipient publicidentifier. In this example, the physical device, sender system 1202, ora financial services provider (e.g., MasterCard or Visa) may tokenizethe credit or debit card number and/or provide an identifier of thefinancial institution that backs or issued the financial instrument. Thenon-FI system 1206 and/or the financial services provider may providethe sender public identifier, identifier of the financial institution(e.g., that identifies the sender FI system 1210), amount to betransferred, and/or the recipient identifier to the payment servicesystem 1218 and/or the sender FI system 1210.

FIG. 13 depicts a diagram of fund transfer logic 1284, according to someimplementations. The fund transfer logic 1284 may include transactiondata management logic 1302, payment validation logic 1304, informationdirectory management logic 1306, payment notification logic 1308, andpayment status management logic 1310. One or more of the transactiondata management logic 1302, the payment validation logic 1304, theinformation directory management logic 1306, the payment notificationlogic 1308, and the payment status management logic 1310 may beimplemented using physical computer processor(s) and memory stored inthe fund transfer logic 1284. The memory may store computer programinstructions to instruct the physical processor(s) to implement one ormore of the transaction data management logic 1302, the paymentvalidation logic 1304, the information directory management logic 1306,the payment notification logic 1308, and the payment status managementlogic 1310.

The transaction data management logic 1302 may be configured to managetransaction data, including transaction data to and from participantsystems (e.g., the sender system 1202, the recipient system 1204, thefirst non-FI system 1206, and the second non-FI system 1208) as well astransaction data to and from the payment service system 1218.“Transaction data,” as used herein, may refer to data related to atransaction, including a request to perform a fund transfer from oneparticipant to another (e.g., from a sender to a recipient received fromthe first non-FI system 1206), public identifier of the sender, publicidentifier of the recipient, a transaction identifier identifying thetransaction to transfer funds, a private identifier of the sender, aprivate identifier of the recipient, an financial institution (FI)identifier associated with the sender, an FI identifier associated withthe recipient, or any combination. In some implementations, transactiondata includes an amount of funds to be transferred.

The transaction data management logic 1302 may, in some implementations,receive transaction data (e.g., from the sender system 1202, the firstnon-FI system 1206, the sender FI system 1210, and/or financial servicesprovider) indicating a sender is attempting to provide funds to arecipient. The transaction data may, in this example, include a publicidentifier of the sender, a public identifier of the recipient, a senderFI system identifier, and an amount to transfer. The transaction datamanagement logic 1302 may determine if the sender is registered bycomparing the public identifier of the sender to a list of registeredusers (e.g., to information in the account database 1278, theinformation directory 1280, or the like). If registered, the transactiondata management logic 1302 may provide a success message that the senderis registered to the first non-FI system 1206 and/or the sender system1202. Further, the transaction data management logic 1302 may provide aprivate identifier of the sender and the amount to be transferred to thesender FI system 1210. The transaction data management logic 1302 mayalso provide a public identifier of the recipient, a private identifierof the recipient, a recipient FI identifier, a public identifier of thesender and/or any other information to the sender FI system 1210.

The transaction data management logic 1302 may receive authorizationfrom the sender FI system 1210 indicating that the sender FI system 1210has identified the account of the sender and that the sender hassufficient funds for the transaction. At any time, the transaction datamanagement logic 1302 may generate and share a transaction identifierwith the sender FI system 1210 and/or the recipient FI system 1212identifying the transaction to transfer funds from the sender to therecipient.

In some implementations, the transaction data management logic 1302 mayprovide logic and/or instruction to the first non-FI system 1206 toenable the first non-FI system 1206 to provide fund transfer options tousers of the system. For example, the transaction data management logic1302 may provide logic (e.g., code or software) to the first non-FIsystem 1206 to be placed or embedded within a physical device, web pageor code provided by the first non-FI system 1206 to the sender or sendersystem 1202. The logic may allow the sender to see options to transfermoney, allow the sender to input or select a recipient's publicidentifier, allow the sender to input or select their own publicidentifier, indicate an amount of funds to transfer, receive a debit orcredit card number of the sender, and/or any other information.

The validation logic 1304 may be configured to validate payment detailsrelated to transaction data. Validation may involve determining if thesender public identifier is registered, determining if the recipientpublic identifier is registered, or determination of the FI identifieris associated with a known financial institution (or a member financialinstitution). It will be appreciated that the FI identifier may begenerated as part of the tokenization of the debit or credit card numberof the sender or in any number of ways (e.g., retrieved based on thedebit or credit card of the sender, or information provided by thesender).

In various implementations, the validation logic 1304 implements one ormore validation protocols (e.g., validation interfaces) that requestconfirmation from financial institutions whether or not a sender hasauthorization to provide the funds requested. The validation logic 1304may further implement one or more checks to see if public identifiersprovided in association with transaction data are valid.

The information directory management logic 1306 may be configured toprovide instructions to add the transaction data to the informationdirectory 1280. In various implementations, the information directorymanagement logic 1306 may add, delete and/or otherwise modify or managethe information directory 1280.

The payment notification logic 1308 may be configured to provide supportpayment notifications, e.g., notifications to the sender FI system 1210indicating success or failure of the fund transfer to the recipientand/or sender.

The payment status management logic 1310 may be configured to managestatus updates indicating if the fund transfer is possible or if thereis an error. In some implementations, the payment status managementlogic 1310 may request additional information to assist in the processof the fund transfer.

FIG. 14 depicts a diagram of registration logic 1286, according to someimplementations. It will be appreciated that, in some implementations,the registration logic 1286 may register a sender and/or a recipientonce. The registration logic 1286 may include participant accountissuing logic 1402, user identification verification logic 1404,tokenization logic 1406, financial institution identification logic1408, and account confirmation logic 1410. One or more of theparticipant account issuing logic 1402, the user identificationverification logic 1404, the tokenization logic 1406, the financialinstitution identification logic 1408, and the account confirmationlogic 1410 may be implemented using physical computer processor(s) andmemory stored in the registration logic 1286. The memory may storecomputer program instructions to instruct the physical processor(s) toimplement one or more of the participant account issuing logic 1402, theuser identification verification logic 1404, the tokenization logic1406, the financial institution identification logic 1408, and theaccount confirmation logic 1410.

The participant account issuing logic 1402 may be configured tofacilitate issuance of participant accounts. In some implementations,the participant account issuing logic 1402 may create account numbersand/or other account identifiers that participants can use as the basisof participant accounts (e.g., which may assist in the transfer of fundsbetween financial institutions).

The user identification verification logic 1404 may be configured toverify user identifiers when the user identifiers are provided forregistering a participant account. In various implementations, the useridentification verification logic 1404 is configured to assess whether aparticipant has the right to register a specific participant account.The user identification verification logic 1404 may further beconfigured to determine whether or not a user identifier and/orparticipant account information provided by a participant are associatedwith accounts at a financial institution or if the financial institutionmay be identified.

Verification of a public identifier may involve one or more verificationtechniques, such as verifying the public identifier is in appropriateformat (e.g., appropriate alphanumeric format), verifying the publicidentifier has not been previously assigned to another participant, andverifying the public identifier does not include account information.

The tokenization logic 1406 may be configured to tokenize participantaccount information. In various implementations, the tokenization logic1406 may encrypt participant account information or assign proxy numbersto participant account information to keep the participant accountinformation secure from discovery by outside entities, includingnon-financial institutions.

The financial institution identification logic 1408 may be configured toidentify a financial institution associated with participant accountinformation. The financial institution identification logic 1408 mayidentify a participant financial institution that provides financialservices to the participant system. In some implementations, thefinancial institution identification logic 1408 may usenames/identifiers/etc. of financial institutions included in tokenizedaccount data to identify the appropriate participant financialinstitution. As examples, in implementations where the participantsystem corresponds to the sender system 1202, the financial institutionidentification logic 1408 may identify the sender FI system 1210. Inimplementations where the participant system corresponds to therecipient system 1204, the financial institution identification logic1408 may identify the recipient FI system 1212.

The account confirmation logic 1410 may provide status updates and/orother information to indicate whether or not a participant account hasbeen successfully registered. The account confirmation logic 1410 mayinstruct the participant system to confirm ownership of the publicidentifier and send the public identifier and the account information toa non-FI system that corresponds to the participant system. As anexample, the account confirmation logic 1410 may instruct the sendersystem 1202 to confirm ownership of the public identifier and send thepublic identifier and the account information to the first non-FI system1206. As another example, the account confirmation logic 1410 mayinstruct the recipient system 1204 to confirm ownership of the publicidentifier and send the public identifier and the account information tothe second non-FI system 1208.

The account confirmation logic 1410 may instruct the non-FI system thatcorresponds to the participant system to send the public identifier andthe tokenized account data to the payment service system 1218. In someimplementations, the public identifier and the tokenized account data issent directly to the payment service system 1218, while in otherimplementations, the public identifier and the tokenized account data issent to the payment service system 1218 through the sender non-FI banksystem 1214. The account confirmation logic 1410 may instruct therelevant participant FI system to obtain an identifier of the financialinstitution associated with the participant using the tokenized accountdata. The account confirmation logic 1410 may instruct the participantFI system to perform DDA lookups, map DDA numbers to the publicidentifier, and associate the public identifier with the relevant useraccount. In various implementations, the account confirmation logic 1410may provide confirmation of whether or not the participant wassuccessfully registered for fund transfers at non-financialinstitutions.

FIG. 15 depicts a diagram of a data flow 1500 for securely transferringfunds from a sender to a recipient in a funds transfer system, accordingto some implementations. The data flow 1500 depicted in FIG. 15 may bean example, for example, where both the sender and the recipient arealready registered with the payment service system 1218. The data flow1500 includes components of the funds transfer system 1200, shown inFIG. 12, and discussed further herein. More particularly, the data flow1500 includes operations one or more of the sender system 1202, therecipient system 1204, the first non-FI system 1206, the sender FIsystem 1210, the recipient FI system 1212, and the payment servicesystem 1218. It is noted that the elements of the data flow 1500 are byway of example only, and that various implementations may employ agreater number of elements or a lesser number of elements withoutdeparting from the scope and substance of the inventive conceptsdescribed herein.

At an operation 1502, the sender system 1202 may receive transactiondata related to a fund transfer from the sender system 1202. Thetransaction data may specify an amount of funds to be transferred, apublic identifier of a sender (e.g., a participant associated with thesender system 1202), and a public identifier of a recipient (e.g., aparticipant associated with the second non-FI system 1208). As furthernoted herein, the public identifiers of the sender and the recipient mayfacilitate routing the fund transfer to the recipient and facilitatereconciliation between sender and recipient financial accounts withoutrequiring account information to be provided outside financialinstitutions.

At an operation 1504, the sender system 1202 may provide the transactiondata to the first non-FI system 1206 over the public network 1214 (orany network). In various implementations, the sender system 1202 mayprovide the transaction data to a physical purchase terminal or to anapplication, website, or the like sourced by online purchase processessupported by the first non-FI system 1206. The transaction data maycomprise the amount of funds for the transfer, as well as the publicidentifiers of the sender and the recipient.

It will be appreciated that operations 1502 and 1504 may be optional.For example, as discussed herein, the non-FI system 1206 may include aphysical device configured to receive fund transfer information (e.g.,sender public identifier, credit or debit card number, amount to betransferred or the like) from the sender without a sender system 1202.

At an operation 1506, the first non-FI system 1206 may route thetransaction data to the payment service system 1218. The first non-FIsystem 1206 may recognize that the public identifiers of the sender andrecipient are in a format that corresponds to a fund transfer managed bythe payment service system 1218. At an operation 1508, the first non-FIsystem 1206 may provide the transaction data to the payment servicesystem 1218 over the public network 1214 (or any other network).

At an operation 1510, the payment service system 1218 may validatepayment details for the transaction data. As noted herein, validationmay involve determining whether the public identifier of the sender isvalid, whether the public identifier of the recipient is valid, whetherthe sender has authorization to provide the funds requested, and/or thelike. In some implementations, the payment service system 1218 confirmsthat the public identifier of the sender is associated with a senderprivate identifier and an FI system (e.g., sender FI system 1210).Similarly, the payment service system 1218 may confirm that the publicidentifier of the recipient is associated with a recipient privateidentifier and an FI system (e.g., recipient FI system 1212). Thepayment validation logic 1304 may perform operation 1510.

At an operation 1512, the payment service system 1218 may add some orall of the transaction data to the information directory 1280. Forexample, the payment service system 1218 may log fund transferinformation (e.g., time, amount to transfer, recipient publicidentifier, sender FI identifier, recipient FI identifier, transactionidentifier, and/or the like). In some embodiments, the payment servicesystem 1218 may store additional information, such as additional senderpublic identifiers, with a recipient account. In variousimplementations, if the fund transfer request was successfully added tothe information directory 1280, the payment service system 1218 may senda notification to the first non-FI system 1206 to that effect. Theinformation directory management logic may perform operation 1512.

At an operation 1514, the information directory management logic 1306may gather sender private identifier and recipient private identifierfrom the information directory 1280. As discussed herein, the senderprivate identifier may have been previously generated by the sender FIsystem 1210 and provided to the payment services system 1218. Similarly,the recipient private identifier may have been previously generated bythe recipient FI system 1212.

At an operation 1516, the payment service system 1218 may provide apayment notification to the sender FI system 1210 over the publicnetwork 1214 (or any network). The payment notification may inform thesender FI system 1210 that the fund transfer request was successfullyadded to the information directory 1280. The payment notification mayinclude at least some of the transaction data, including the amount ofthe funds transfer request, the private identifier of the sender, andthe private identifier of the recipient. The payment notification mayinclude instructions or information to the sender FI system 1210 toassist with the transfer funds to the recipient FI system 1212. Thepayment notification logic 1308 may perform operation 1516.

At an operation 1518, the sender FI system 1210 may look up one or moreaccounts (e.g., DDAs) associated with the sender's private identifier.In various implementations, the sender FI system 1210 may use theprivate identifier of the sender to look up DDAs in the informationdirectory 1260. The sender FI system 1210 may identify any number ofaccounts and/or other information relevant to the sender system 1206.

At an operation 1520, the sender FI system 1210 may determine if thesender account has sufficient finds to perform the fund transfer. At anoperation 1522, the sender FI system 1210 may perform internal checks,such as checks related to whether or not a sender account has sufficientfunds, whether or not the transaction data is likely to befraudulent/suspicious, or any other checks which may be based onregulation compliance.

At an operation 1524, the sender FI system 1210 may provide instructionsto the payment service system 1218 to update any relevant status relatedto whether or not funds for the fund transfer is approved and/or will beconducted. At any time the payment service system 1218 may generate atransaction identifier that identifies the transaction. The transactionidentifier may be shared by the payment service system 1218 with thesender FI system 1210 and the recipient FI system 1204. The paymentservice system 1218 may provide to the first non-FI system 1206 a firstnotification of the updated status, including whether or not the fundsfor the transfer are to be transferred.

At an operation 1526, the payment service system 1218 may provide to thesender system 1202 (or the first non-FI system 1206) a secondnotification of the updated status, including whether or not the fundswill be transferred. In various implementations, the payment statusmanagement logic 1310 may perform the operations 1524 and 1526.

At an operation 1528, the sender FI system 1210 may provide therecipient FI system 1212 with a batch transfer to settle fund transferbetween the two financial institutions using the ACH network 1216. Invarious implementations, the request to settle the payment may includeor be associated with an ACH message that specifies a transactionidentifier (e.g., identifying the transaction and may be linked to theamount to be transferred, an identifier of the sender FI system 1210,and any other information) and/or the amount of the funds transfer. Insome implementations, the batch transfer may accompany the senderprivate identifier, the sender public identifier, the recipient privateidentifier, the recipient public identifier, the FI identifier of thesender FI system 1210, and/or any other information. Alternately, thesender private identifier, the sender public identifier, the recipientprivate identifier, the recipient public identifier, the FI identifierof the sender FI system 1210, and/or any other information may beprovided at a later time. In some implementations, the payment statusmanagement logic 1310 may perform the operation 1528.

At an operation 1530, the recipient FI system 1212 may identify thetransaction identifier and retrieve information related to the transferincluding, for example, the recipient and the amount of money totransfer. For example, the recipient FI system 1212 may use thetransaction identifier to identify the recipient and retrieve one ormore accounts (e.g., DDAs) associated with the recipient.

At an operation 1532, the recipient FI system 1212 may deposit funds inthe amount of the funds transfer into the recipient account of therecipient. For example, the funds may be deposited into the recipient'sDDA by the recipient FI system 1212 from the amount received in the ACHtransfer.

At an operation 1534, the recipient FI system 1212 may provide thesecond non-FI system 1208 and/or the recipient system 1204 with anupdated status indicating funds were transferred into the recipientaccount.

At an operation 1536, the recipient FI system 1212 may provide thepayment service system 1218 with an updated status indicating funds weretransferred into the recipient account. At an operation 1538, thepayment service system 1218 may provide the first non-FI system 1206 orthe sender system 1202 with an updated status indicating funds weretransferred into the recipient account.

FIG. 16A and FIG. 16B depict diagrams of flowchart of methods 1600A and1600B for securely transferring funds from a sender to a recipient in afunds transfer system, according to some implementations. The flowchartof methods 1600A and 1600B may include similar operations as that ofFIG. 15. The methods 1600A and 1600B may be performed by one or more ofthe systems or system components shown in FIGS. 12-14. It is noted thatthe methods 1600A and 1600B may include more or less operations thanthose explicitly shown.

At an operation 1602, the transaction data management logic 1302 mayreceive transaction data from the first non-FI system 1206 over thepublic network 1214. The transaction data may specify a transfer amountof a fund transfer between a sender and a recipient (e.g., between thesender system 1202 and the second non-FI system 1208 or the recipientsystem 1204). In some implementations, the transaction data may includea sender public identifier to identify a sender of the fund transfer.The sender public identifier may include information that may be used tocontact the sender such as an email address, a username, a phone number,an alphanumeric string or the like that uniquely identifies the senderbut does not include financial information of the sender to secure fromoutside discovery. The transaction data may include a recipient publicidentifier to identify a recipient of the fund transfer. The recipientpublic identifier may similarly include an email address, a username, aphone number, an alphanumeric string or the like. The recipient publicidentifier may also uniquely identifies the recipient but keepsfinancial information of the recipient secure from outside discovery.

At an operation 1604, the transaction data management logic 1302 of thepayment service system 1218 may determine that the sender and recipientare registered to respectively use the sender public identifier and therecipient public identifier to perform the fund transfer. In variousimplementations, the transaction data management logic 1302 maydetermine that the sender and the recipient are registered with theinformation directory 1280. The transaction data management logic 1302may determine, e.g., that public and/or private identifiers of sendersand/or recipients have been registered in the information directory1280.

At an operation 1606, the transaction data management logic 1302 maygather, using the sender public identifier, an identifier of a senderfinancial institution having a sender financial account and a senderprivate identifier. At an operation 1608, the transaction datamanagement logic 1302 may gather, using the recipient public identifier,an identifier of a recipient financial institution having a recipientfinancial account and a recipient private identifier. The transactiondata management logic 1302 may obtain the sender financial institutionand/or the recipient financial institution using names, identifiers,etc. incorporated in the transaction data to identify the senderfinancial institution and the recipient financial institution.

At an operation 1610, the payment notification logic 1308 may send atleast some of the transaction data and retrieved information to thesender financial institution to effectuate the fund transfer. In variousimplementations, the sender private identifier, the recipient publicidentifier, the recipient FI system 1212, and the transfer amount may besent by the payment notification logic 1308 to the sender FI system1210. The portions of the transaction data may comprise data sufficientto identify the sender of the fund transfer, the recipient of the fundtransfer, and the transfer amount of the fund transfer.

At an operation 1612, the sender FI system 1210 may retrieve a senderaccount using the sender private identifier. In some implementations,the sender FI system 1210 may identify the sender account by using thesender private identifier to query the information directory 1260. Theresulting response may form the basis of retrieving the sender account.As discussed herein, during registration, the sender private identifieris generated by the sender FI system 1210 during registration and may beused to link the sender with one or more account numbers of accounts ofthe sender maintained or managed by the sender FI system 1210. Thesender private identifier may not be an account number or an encryptedaccount number. For example, although the sender private identifier isnot provided to the sender system 1202, the recipient system 1204, orthe first non-FI system 1206, the sender private identifier may have notbe reverse engineerable (e.g., an account number cannot be obtained fromthe sender private identifier). The sender private identifier may onlybe an identifier that can be used by the sender FI system 1210 becauseof an association with other account information. At an operation 1614,the sender FI system 1210 may evaluate whether or not the senderfinancial account has sufficient funds to perform the fund transfer. Insome implementations, the sender FI system 1210 may send one or moreinstructions to the sender FI system 1210 to ensure the sender hasaccount access, sufficient funds, and other information needed to usethe public identifier to perform the fund transfer.

At an operation 1616, the sender FI system 1210 may evaluate whether thefund transfer is likely to be fraudulent based on the transaction data.In some implementations, the payment validation logic 1304 may determinewhether circumstances of the sender's transfer make it appear like thesender is not who the sender claims to be. The sender FI system 1210 mayevaluate whether the sender's Internet Protocol (IP) addresses, etc. arevalid and/or if the sender has attempted the fund transfer from anauthorized system or system the sender has used before, repeated fundtransfers in a short time, or the like. If the transfer passes approval,the sender FI system 1210 may provide a notification that it is capableof performing the fund transfer. At an operation 1618, the paymentservice system 1218 may receive a notification that the sender FI system1210 is capable of performing the fund transfer.

In some implementations, the payment service system 1218 may generate atransaction identifier associated with the fund transfer and provide thetransaction identifier to the sender FI system 1210 and the recipient FIsystem 1212. The transaction identifier may be used in the ACH batchtransfer between the sender FI system 1210 and the recipient FI system1212.

At an operation 1620, the payment notification logic 1308 may provide toone or more of the sender system 1202 and the first non-FI system 1206 astatus of the fund transfer that indicates the fund transfer will occur.

At an operation 1622, the sender FI system 1210 or the payment servicesystem 1218 may provide to the recipient FI system 1212 transaction datathat identifies the transaction identifier, the recipient privateidentifier, the transfer amount, the identifier of the sender financialinstitution, and/or the sender private identifier to the recipientfinancial institution. In various implementations, the privateidentifiers are provided so that account information need not betransmitted over the public network 1214 (or other network).

At an operation 1624, the sender FI system 1210 may provide funds(including funds for the funds transfer) to the recipient FI system 1212through the ACH system 1220 and/or the ACH network 1216 as part of abatch fund transfer process. At an operation 1628, the payment statusmanagement logic 1310 may receive a notification of a deposit of thefund transfer into a recipient financial account at the recipientfinancial institution.

FIG. 17 depicts a diagram of a data flow 1700 for securely transferringfunds from a sender to a recipient in a funds transfer system, accordingto some implementations. The data flow 1700 may be, for example, whereone participant, such as the sender, is not previously registered withthe payment service system 1208. The data flow 1700 includes componentsof the funds transfer system 1200, shown in FIG. 12, and discussedfurther herein. More particularly, the data flow 1700 includesoperations of one or more of the sender system 1202, the first non-FIsystem 1206, the second non-FI system 1208, the sender FI system 1210,the payment service system 1218, and the recipient FI system 1212 mayprovide. It is noted that the elements of the data flow 1700 are by wayof example only, and that various implementations may employ a greaternumber of elements or a lesser number of elements without departing fromthe scope and substance of the inventive concepts described herein.

At an operation 1702, the sender system 1202 may receive transactiondata related to a fund transfer. The transaction data may specify anamount of funds to be transferred. The transaction data may specify apublic identifier of a sender (e.g., a participant associated with thesender system 1202) and a public identifier of a recipient. As furthernoted herein, the public identifiers of the sender and the recipient mayfacilitate routing the fund transfer to the recipient and facilitatereconciliation between sender and recipient financial accounts withoutrequiring account information to be provided outside financialinstitutions. It will be appreciated that the recipient system 1204 mayalso receive transaction data related to a fund transfer.

At an operation 1704, the sender system 1202 (and the recipient system1204) may provide the transaction data to the first non-FI system 1206over the public network 1214. In various implementations, the sendersystem 1202 may provide the transaction data to a physical purchaseterminal or to an application, website, or the like sourced by paymentprocesses supported by the first non-FI system 1206. Similarly, therecipient system 1204 may provide transaction details to the secondnon-FI system 1208 or the first non-FI system 1206. In some embodiments,the first non-FI system 1206 and the second non-FI system 1208 are ownedby the same entity. In some embodiments, the sender system 1202 providesa first financial instrument of a sender or a tokenized financialinstrument of a sender (to generate a sender token) to the first non-FIsystem 1206 and the recipient system 1204 provides second financialinstrument of the recipient or a tokenized financial instrument of therecipient (to generate a recipient token) to the first non-FI system1206 or second non-FI system 1208.

It will be appreciated that operations 1702 and 1704 may be optional.For example, as discussed herein, the non-FI system 1206 may include aphysical device configured to receive fund transfer information (e.g.,sender public identifier, credit or debit card number, amount to betransferred or the like) from the sender without a sender system 1202.

It will be appreciated that the first and second non-FI system may notbe necessary. For example, the sender system 1202 and the recipientsystem 1204 may each be smartphones configured to share transactioninformation (e.g., funds to be transferred, tokenized financialinstruments to create tokens from the recipient and sender, and publicidentifiers of the sender and recipient). The transaction informationmay be provided to the payment services system 1218.

At an operation 1706, the first non-FI system 1206 may route thetransaction data to the payment service system 1218. At an operation1708, the first non-FI system 1206 may provide the transaction data tothe payment service system 1218 over the public network 1214 (or anynetwork). The transaction data may include a sender public identifier, arecipient public identifier, an amount to be transferred, the recipienttoken, and the sender token. In some implementations, the first non-FIsystem 1206 may receive an account number associated with any number offinancial instruments. The first non-FI system 1206 may tokenize theaccount number of a financial instrument or provide the account numberto a financial service provider associated with the financial instrumentto tokenize the account number. Subsequently, the first non-FI system1206 or the financial service provider associated with the financialinstrument may provide the token(s) of the account number(s) to thepayment services system 1218.

At an operation 1710, the payment service system 1218 may confirm if thesender is registered with the payment services system 1218 using thesender's public identifier. If the sender is already registered, thesender may not need to be re-registered. If the sender is notrecognized, the payment services system 1218 may request additionalinformation from the sender, sender system 1202, or the first non-FIsystem 1206 to identify the sender.

Similarly, the payment service system 1218 may confirm if the recipientis registered with the payment services system 1218 using therecipient's public identifier. If the recipient is already registered,the recipient may not need to be re-registered. If the recipient is notrecognized, the payment services system 1218 may request additionalinformation from the recipient, recipient system 1204, the first non-FIsystem 1206, or the second non-FI system 1208, to identify the sender.

In some implementations, the first non-FI system 1206 or an entityassociated with the sender's financial instrument may tokenize thesender's financial instrument and/or the recipient's financialinstrument (to generate the sender token and/or the recipient token).The first non-FI system 1206 may also send an FI identifier associatedwith the sender's financial instrument (e.g., the bank that issued thefinancial instrument) and the FI identifier associated with therecipient's financial instrument to the payment services system 1218. Ifthe payment services system 1218 determines to register the sender(e.g., upon request of the sender for registration), the paymentservices system 1218 may identify the sender FI system 1210 with the FIidentifier and may provide the sender's token and sender publicidentifier to the sender FI system 1210.

At an operation 1712, the payment service system 1218 may add thetransaction data to the information directory 1280 to tentatively logthe transaction. It will be appreciated that the non-FI system 1210 maylog or store information related to the fund transfer including, forexample, the sender public identifier, the funds to be transferred, therecipient public identifier, the financial identifier associated withthe financial instrument, the tokenized account number of the financialinstrument (e.g., the sender's token and/or the recipient's token), orany combination.

At an operation 1714, the payment service system 1218 may provide anotification including the sender public identifier, recipient publicidentifier, sender's token, funds to be transferred, or any otherinformation to the sender FI system 1210 over the public network 1214(or any network). The payment service system 1218 may also provide anotification including the sender public identifier, recipient publicidentifier, recipient's token, funds to be transferred, or any otherinformation to the recipient FI system 1212 over the public network 1214(or any network).

At an operation 1716, the sender FI system 1210 may de-tokenize thesender's token to identify the financial instrument number (e.g., thecredit or debit card number). At an operation 1718, the sender FI system1210 may look up one or more de-tokenized numbers to identify the senderand any number of accounts (e.g., DDAs) associated with the sender. Invarious implementations, the sender FI system 1210 may use the publicidentifier of the sender to further confirm accounts. The sender FIsystem 1210 may identify, e.g., account and/or other informationrelevant to the sender system 1206. If the sender and the sender'saccount(s) at the sender FI system 1210 are identified, in operation1720 the sender FI system 1210 may generate a sender private identifierand share the private identifier with the payment services system 1218which may then store the information in an information directory.

At an operation 1722, the sender FI system 1210 may determine if thesender account has sufficient finds to perform the fund transfer. Thesender FI system 1210 may also perform internal checks, such as checksrelated to whether or not the transaction data is likely to befraudulent/suspicious, etc. At an operation 1724, the sender FI system1210 may provide instructions to the payment service system 1218 toupdate status of the transaction.

At an operation 1726, the payment service system 1218 may provide to thefirst non-FI system 1206 a first notification of the updated status,including whether or not the funds for the transfer may be transferred.At an operation 1728, the payment service system 1218 may provide to thefirst Non-FI system 1206 or the sender system 1202 a second notificationof the updated status, including whether or not the funds for thetransfer may be transferred. In various implementations, the paymentstatus management logic 1310 may perform the operations 1726 and 1728.

At any time, the payment services system 1218 may generate a transactionidentifier associated with the transaction. In one example, the paymentservices system 1218 may generate the transaction identifier once thesender private identifier is received from the sender FI system 1210 andthe recipient private identifier is received from the recipient FIsystem 1212. The payment services system 1218 may provide transactionidentifier and any other information to the recipient FI system 1212 andthe sender FI system 1210.

At an operation 1730, the recipient FI system 1212 may de-tokenize therecipient token. At an operation 1734, the recipient FI system 1212 maylook up one or more DDAs associated with the recipient's publicidentifier. The recipient FI system 1212 may use the public identifierof the recipient to look up DDAs associated with the sender system 1202in the information directory 1270.

At an operation 1734, the sender FI system 1210 may provide therecipient FI system 1212 with a batch payment to settle the payment forthe funds transfer over the ACH network 1216. In variousimplementations, the request to settle the payment may include a bothtransfer over the ACH network 1216 and may accompany the transactionidentifier and the amount of the funds transfer.

At an operation 1736, the recipient FI system 1212, using thetransaction identifier, may identify funds from the ACH batch processingand deposit funds in the amount of the transfer into a recipient accountof the recipient. The funds may be deposited into the recipient's DDA bythe recipient FI system 1212. At an operation 1738, the recipient FIsystem 1212 may update the status of the recipient account to indicatefunds were transferred into the recipient account. At an operation 1740,the recipient FI system 1212 may provide the recipient non-FI system1208 and/or the recipient system 1204 with an updated status indicatingfunds were transferred into the recipient account.

At an operation 1742, the recipient FI system 1212 may provide thepayment service system 1218 with an updated status indicating funds weretransferred into the recipient account. At an operation 1744, thepayment service system 1218 may provide the first non-FI system 1206with an updated status indicating funds were transferred into therecipient account. At an operation 1746, the first non-FI system 1206may provide the sender system 1202 with an updated status indicatingfunds were transferred into the recipient account. At an operation 1748,the sender FI system 1210 and the recipient FI system 1212 may settleamounts of the fund transfer over the ACH system 1220 and/or the ACHnetwork 1216. Operation 1748 may occur as part of batch transfer processbetween the two institutions.

In some embodiments, the recipient FI system 1212 may place funds withinthe recipient's account before funds are received through the ACHnetwork from the sender FI system 1210. The recipient FI system 1212 maythen be reimbursed when the batch payment is received.

FIG. 18A and FIG. 18B depict diagrams of flowchart of a methods 1800Aand 1800B for securely transferring funds from a sender to a recipientin a funds transfer system, according to some implementations. Theflowchart in 1800A and 1800B may be similar to the flow discussed inFIG. 17. The methods 1800A and 1800B may be performed by one or more ofthe systems or system components shown in FIGS. 12-14. It is noted thatthe methods 1800A and 1800B may include more or less operations thanthose explicitly shown.

At an operation 1802, the transaction data management logic 1302 of thepayment services system 1218 may receive transaction data from the firstnon-FI system 1206 over the public network 1214. The transaction datamay specify a transfer amount of a fund transfer between a sender and arecipient (e.g., between the sender system 1202 and the second non-FIsystem 1208 or the recipient system 1204), a sender public identifier toidentify a sender of the fund transfer, a recipient public identifier toidentify the recipient of the fund transfer, a sender token of atokenized financial instrument of the sender, a recipient token of atokenized financial instrument of the recipient, a sender FI identifierassociated with the sender's financial instrument (e.g., issuing bank ofthe sender's financial instrument), and/or a recipient's FI identifierassociated with the recipient's financial instrument. It will beappreciated that transaction data may be received from any number ofsources. For example, the transaction data management logic 1302 mayreceive some of the transaction data from the first non-FI system 1206and receive the sender token of a tokenized financial instrument of thesender, the recipient token of a tokenized financial instrument of therecipient, or both, from any number of entities.

At an operation 1804, the transaction data management logic 1302 maydetermine that the sender and recipient are not registered torespectively use the sender public identifier and the recipient publicidentifier to perform the fund transfer. In various implementations, thetransaction data management logic 1302 may determine that the sender andthe recipient are registered through non-financial institutions. Invarious implementations, the sender, the recipient, or both may not beregistered.

At an operation 1806, the transaction data management logic 1302 mayidentify the sender FI system 1210 and the recipient FI system 1212using the financial institution identifiers from the transaction datareceived in operation 1804.

At an operation 1808, the payment notification logic 1308 may send atleast some of the transaction data to the sender financial institutionto effectuate the fund transfer. In various implementations, the senderpublic identifier, the recipient public identifier, the transfer amount,recipient FI identifier, and/or the sender's token may be sent by thepayment notification logic 1308 to the sender FI system 1210. Theportions of the transaction data may comprise data sufficient toidentify the sender of the fund transfer, the recipient of the fundtransfer, and the transfer amount of the fund transfer.

At an operation 1810, the payment notification logic 1308 may send atleast some of the transaction data to the recipient financialinstitution to effectuate the fund transfer. In various implementations,the recipient public identifier, the sender public identifier, thetransfer amount, sender FI identifier, and/or the recipient's token maybe sent by the payment notification logic 1308 to the recipient FIsystem 1212. The portions of the transaction data may comprise datasufficient to identify the sender of the fund transfer, the recipient ofthe fund transfer, and the transfer amount of the fund transfer.

At an operation 1812, the sender FI system 1210 may de-tokenize thesender private identifier. At an operation 1814, the sender FI system1210 may retrieve a sender account using information from thede-tokenized sender private identifier (e.g., using the sender's creditcard number or debit card number).

At an operation 1816, the sender FI system 1210 may evaluate whether ornot the sender financial account has sufficient funds to perform thefund transfer. In some implementations, the sender FI system 1210 mayensure the sender has account access, sufficient funds, and otherinformation needed to use the public identifier to perform the fundtransfer.

At an operation 1818, the sender FI system 1210 may evaluate whether thefund transfer is likely to be fraudulent based on the transaction data.The sender FI system 1210 may provide a notification that it is capableof performing the fund transfer. At an operation 1820, the paymentservice system 1218 may receive a notification that the sender FI system1210 is capable of performing the fund transfer.

At an operation 1822, the recipient FI system 1212 may de-tokenize therecipient's token. At an operation 1824, the recipient FI system 1212may identify one or more of the recipient's accounts at the recipient FIsystem 1212 using the de-tokenized recipient's token (e.g., using thecredit card number or debit card number of the recipient). Ifsuccessful, may recipient FI system 1212 may provide a notification thatthe recipient's account has been determined to the payment servicesystem 1218 in operation 1826. The payment services system 1218 mayprovide a transaction identifier for the transfer and a notification torecipient FI system 1212 and/or the sender FI system 1210 indicatingthat the one or both financial institutions are ready to perform thetransfer.

In operation 1828, the sender FI system 1210 may provide funds for thefunds transfer to the recipient FI system 1212 through the ACH system1220 and/or the ACH network 1216 as part of a batch fund transferprocess including an indication of the transaction identifier. At anoperation 1830, the payment status management logic 1310 may receive anotification of a deposit of the fund transfer into a recipientfinancial account at the recipient financial institution.

FIG. 19 depicts a diagram of a data flow 1900 for registering aparticipant in a funds transfer system, according to someimplementations. The data flow 1900 includes the components of the fundstransfer system 1200, shown in FIG. 12, and discussed further herein.The data flow may include the payment service system 1218, and aparticipant system 1902, a participant non-FI system 1904, and aparticipant FI system 1906. In some implementations, the participantsystem 1902 corresponds to the sender system 1202, the participantnon-FI system 1904 corresponds to the first non-FI system 1206, and theparticipant FI system corresponds to the sender FI system 1210. Invarious implementations, the participant system 1902 corresponds to therecipient system 1204, the participant non-FI system 1904 corresponds tothe second non-FI system 1208, and the participant FI system 1906corresponds to the recipient FI system 1212. The data flow 1900 furtherincludes a plurality of operations that correspond to instructions theregistration logic 1286 may provide the components of the funds transfersystem 1200. It is noted that the elements of the data flow 1900 are byway of example only, and that various implementations may employ agreater number of elements or a lesser number of elements withoutdeparting from the scope and substance of the inventive conceptsdescribed herein.

At an operation 1908, the participant FI system 1906 may create aparticipant account. The participant account may be linked to afinancial account at a financial institution. In variousimplementations, the participant account may comprise an account numberand/or other account identifier that can be used to identify the accountwhen a participant seeks to register a public identifier for theaccount. The participant account may be linked to a financial account ata financial institution that comprises financial data, such asdebit/credit card information, routing numbers, account numbers, etc.The financial data may comprise identifiers (names, routing numbers,etc.) of financial institutions that provide financial services to theparticipant system 1902. At an operation 1910, the participant FI system1906 may create of a financial instrument (e.g., debit/credit cards maybe printed and/or online accounts created for the participant account).

At an operation 1912, the participant FI system 1906 may share thefinancial instrument with the participant (user of the participantsystem 1902), the participant system 1902, and/or the payment servicesystem 1218. The participant FI system 1906 may share the financialinstrument in conjunction with a financial services provider (e.g.,MasterCard). In some implementations, a code may be mailed and/orelectronically sent to a participant or the participant system 1902 sothat a participant may register user identifier(s) for the participantaccount.

In some implementations, a participant system 1902 may interact with theparticipant non-FI system 1904. In other implementations, theparticipant may interact with the participant non-FI system 1904 (e.g.,using a credit card and a physical device of the participant non-FI).Operations 1914-1920 are described herein from using the participantsystem 1902 although it will be appreciated that other implementationsdo not require all or any of the operations.

At an operation 1914, the participant system 1902 may receive a requestfrom the participant to register a participant account using thefinancial instrument. At an operation 1916, the participant system 1902may provide the participant with one or more participant registrationscreens. At an operation 1918, the participant system 1902 may receive apublic identifier of a participant. In some implementations, the publicidentifier and the account information may be provided into an inputdevice of the participant system 1902. The public identifier maycomprise an alphanumeric or other string that can identify theparticipant. The participant system 1902 may receive passwords,biometric authentication techniques, other authentication techniques orthe like that allow verification of the public identifier.

At an operation 1920, the participant system 1902 may send the publicidentifier and the participant account information to the participantnon-FI system 1904. In some embodiments, the participant system 1902 orparticipant (e.g., a user) may provide the financial instrument (e.g.,an account number, routing number or the like related to a financialinstrument) to the participant non-FI system 1904 or may tokenize thefinancial instrument to generate a token of the financial instrument andprovide the token to the participant non-FI system 1904 or a financialservices provider. The participant system 1902 may also send a FIidentifier that issued the financial instrument to the participantnon-FI system 1904.

At an operation 1922, the participant non-FI system 1904 or a financialservices provider associated with the account data may identifytokenized account data representative of participant accountinformation. The tokenized account data may comprise an encryptedversion of the participant account information. In some implementations,the tokenized account data may comprise a proxy number that isrepresentative of debit/credit/etc. card numbers in the participantaccount information. At an operation 1926, the participant non-FI system1904 (or the financial services provider) may identify tokenized accountdata representative of the participant account information.

At an operation 1924, the participant non-FI system 1904 and/or thefinancial services provider may send the public identifier and thetokenized account data to the payment service system 1218. At anoperation 1926, the participant non-FI system 1904 may optionally sendthe public identifier and/or the tokenized account data to theparticipant FI system 1906. In some implementations, the participantnon-FI system 1904 may provide the information to the participant FIsystem 1906, the payment service system 1218, or both.

At an operation 1928, the participant FI system 1906 may optionally sendthe public identifier and/or the tokenized account data to the paymentservice system 1218. In one example, the information is shared by theparticipant non-FI system 1904 with the participant FI system 1906which, in turn, optionally shares all or some of the information withthe payment service system 1218.

At an operation 1930, the payment service system 1218 may verify thepublic identifier is not in use. Verification of the public identifiermay include reviewing an information directory to determine whetheranother user has already registered the public identifier in associationwith another account. In some implementations, the payment servicesystem 1218 may return a failure message if the public identifier isalready in use. The user identification verification logic 1404 mayperform operation 1930.

At an operation 1932, the payment service system 1218 may identify aparticipant financial institution using the tokenized account data or afinancial institution identifier from the participant system 1902 and/orthe participant non-FI system 1904. In some embodiments, the paymentservice system 1218 may evaluate the tokenized account data for names,identifiers, or the like that correspond to financial institutions. Invarious implementations, the payment service system 1218 may de-tokenizethe tokenized account data to extract information to identify aparticipant financial institution (e.g., the financial institution thatmanages the participant FI system 1906).

At an operation 1934, the payment service system 1218 may send thepublic identifier and the tokenized account data (e.g., theparticipant's token) to the participant FI system 1906. The accountconfirmation logic 1410 may perform the operations 1932 and 1934.

At an operation 1936, the participant FI system 1906 may de-tokenize thetokenized account data. The participant FI system 1906 may decrypt,translate any proxy numbers, etc. to obtain account information for theparticipant account. At an operation 1938, the participant FI system1906 may perform a DDA lookup using, e.g., the account information forthe participant's account. At an operation 1940, the participant FIsystem 1906 may map the DDA to the user's public identifier. Theparticipant FI system 1906 may generate a private identifier associatedwith an account number of the participant at the participant's FI system1906. In some implementations, the participant FI system 1906 may writethe account number (e.g., DDA), the public identifier, and the privateidentifier into an information directory stored in the participant FIsystem 1906. At an operation 1942, the participant FI system 1906 mayupdate the public identifier status to reflect the fact that the publicidentifier can be used for future funds transfers and other transactionsinvolving the participant.

At an operation 1944, the participant FI system 1906 may provide thepayment service system 1218 with a confirmation that the publicidentifier can be used for future fund transfers and other transactionsinvolving the participant. The participant FI system 1906 may also sharethe private identifier of the participant with the payment servicesystem 1218.

At an operation 1946, the information directory management logic 1306may associate the participant private identifier with the participantpublic identifier. At an operation 1948, the payment service system 1218may provide the participant non-FI system 1904 with a success messagethat the public identifier can be used for future funds transfers andother transactions involving the participant. The account confirmationlogic 1410 may perform operation 1948.

At an operation 1950, the participant non-FI system 1904 may provideconfigure the participant system 1902 to show a success messageindicating that the participant successfully registered. At an operation1952, the participant non-FI system 1904 may provide the participantsystem 1902 with a success message that the public identifier can beused for future funds transfers and other transactions involving theparticipant. At an operation 1954, the success message may be shown onthe participant system 1902.

FIG. 20 depicts a diagram of a flowchart of a method 2000 forregistering a participant in a funds transfer system, according to someimplementations. The method 2000 may be performed by one or more of themodules shown in FIGS. 12-14. It is noted that the method 2000 mayinclude more or less operations than those explicitly shown.

At an operation 2002, the participant account issuing logic 1402 createsa participant financial account. The participant account issuing logic1402 may create a sender financial account corresponding to a specificsender or a recipient account corresponding to a specific recipient. Theparticipant account issuing logic 1402 may link the participant accountto a financial account maintained/backed by a financial institution. Insome implementations, the participant account may be linked tocollateral, cash, etc. The participant account issuing logic 1402 maystore information about the participant account in the informationdirectory 1280.

At an operation 2004, the user identification verification logic 1404receives a proposed public identifier from the participant. The proposedpublic identifier may or may not comprise email addresses,alphanumerical usernames, Universal Payment Identification Codes(UPICs), phone numbers, user-generated or system-generated numbers orcharacter strings, etc. The proposed public identifier may provide abasis to identify a participant and/or a participant system.

At an operation 2006, the user identification verification logic 1404verifies whether the proposed public identifier is associated with anyparticipants. The user identification verification logic 1404 may verifywhether or not the proposed public identifier comprises appropriateemail addresses, alphanumerical usernames, Universal PaymentIdentification Codes (UPICs), phone numbers, user-generated orsystem-generated numbers or character strings, etc. The useridentification verification logic 1404 may verify whether or not theproposed public identifier corresponds to a public identifier used toidentify another participant.

At an operation 2008, the user identification verification logic 1404registers the proposed public identifier as the participant publicidentifier if the proposed public identifier is not associated with anyparticipants. As discussed herein, the participant public identifier andany other financial information (e.g., tokens, financial instrumentnumbers and the like) may be shared with the participant's financialinstitution. Alternately, the participant may interact with thefinancial institution (e.g., log onto the participant's account) and thefinancial institution may confirm the participant's account. Thefinancial institution may generate a participant private identifierassociated with the participant and the participant's account number atthe financial institution and private the participant private identifierwith the payment services system.

The user identification verification logic 1404 may store the proposedpublic identifier along with the private identifier and associatedaccount information in the information directory 1280.

FIG. 21 depicts an example of a digital device 2100, according to someimplementations. The digital device 2100 comprises a processor 2105, amemory system 2110, a storage system 2115, a communication networkinterface 2120, an Input/output (I/O) interface 2125, a displayinterface 2130, and a bus 2135. The bus 2135 may be communicativelycoupled to the processor 2105, the memory system 2110, the storagesystem 2115, the communication network interface 2120, the I/O interface2125, and the display interface 2130.

In some implementations, the processor 2105 comprises circuitry or anyprocessor capable of processing the executable instructions. The memorysystem 2110 comprises any memory configured to store data. Some examplesof the memory system 2110 are storage devices, such as RAM or ROM. Thememory system 2110 may comprise the RAM cache. In variousimplementations, data is stored within the memory system 2110. The datawithin the memory system 2110 may be cleared or ultimately transferredto the storage system 2115.

The storage system 2115 comprises any storage configured to retrieve andstore data. Some examples of the storage system 2115 are flash drives,hard drives, optical drives, and/or magnetic tape. In someimplementations, the digital device 2100 includes a memory system 2110in the form of RAM and a storage system 2115 in the form of flash data.Both the memory system 2110 and the storage system 2115 comprisecomputer readable media which may store instructions or programs thatare executable by a computer processor including the processor 2105.

The communication network interface (com. network interface) 2120 may becoupled to a data network. The communication network interface 2120 maysupport communication over an Ethernet connection, a serial connection,a parallel connection, or an ATA connection, for example. Thecommunication network interface 2120 may also support wirelesscommunication (e.g., 802.1 a/b/g/n, WiMAX, LTE, 3G, 2G). It will beapparent to those skilled in the art that the communication networkinterface 2120 may support many wired and wireless standards.

The optional input/output (I/O) interface 2125 is any device thatreceives input from the user and output data. The display interface 2130is any device that may be configured to output graphics and data to adisplay. In one example, the display interface 2130 is a graphicsadapter.

It will be appreciated by those skilled in the art that the hardwareelements of the digital device 2100 are not limited to those depicted inFIG. 21. A digital device 2100 may comprise more or less hardwareelements than those depicted. Further, hardware elements may sharefunctionality and still be within various implementations describedherein. In one example, encoding and/or decoding may be performed by theprocessor 2105 and/or a co-processor located on a GPU.

The above-described functions and components may be comprised ofinstructions that are stored on a storage medium such as a computerreadable medium. The instructions may be retrieved and executed by aprocessor. Some examples of instructions are software, program code, andfirmware. Some examples of storage medium are memory devices, tape,disks, integrated circuits, and servers. The instructions areoperational when executed by the processor to direct the processor tooperate in accord with some implementations. Those skilled in the artare familiar with instructions, processor(s), and storage medium.

For purposes of explanation, numerous specific details are set forth inorder to provide a thorough understanding of the description. It will beapparent, however, to one skilled in the art that implementations of thedisclosure can be practiced without these specific details. In someinstances, modules, structures, processes, features, and devices areshown in block diagram form in order to avoid obscuring the description.In other instances, functional block diagrams and flow diagrams areshown to represent data and logic flows. The components of blockdiagrams and flow diagrams (e.g., modules, blocks, structures, devices,features, etc.) may be variously combined, separated, removed,reordered, and replaced in a manner other than as expressly describedand depicted herein.

Reference in this specification to “one implementation”, “animplementation”, “some implementations”, “various implementations”,“certain implementations”, “other implementations”, “one series ofimplementations”, or the like means that a particular feature, design,structure, or characteristic described in connection with theimplementation is included in at least one implementation of thedisclosure. The appearances of, for example, the phrase “in oneimplementation” or “in an implementation” in various places in thespecification are not necessarily all referring to the sameimplementation, nor are separate or alternative implementations mutuallyexclusive of other implementations. Moreover, whether or not there isexpress reference to an “implementation” or the like, various featuresare described, which may be variously combined and included in someimplementations, but also variously omitted in other implementations.Similarly, various features are described that may be preferences orrequirements for some implementations, but not other implementations.

The language used herein has been principally selected for readabilityand instructional purposes, and it may not have been selected todelineate or circumscribe the inventive subject matter. It is thereforeintended that the scope be limited not by this detailed description, butrather by any claims that issue on an application based hereon.Accordingly, the disclosure of the implementations is intended to beillustrative, but not limiting, of the scope, which is set forth in thefollowing claims.

1. A method comprising: receiving transaction data related to a fundtransfer, the transaction data specifying a transfer amount of the fundtransfer, a sender public identifier to identify a sender of the fundtransfer, a recipient public identifier to identify a recipient of thefund transfer, a financial institution identifier for a sender financialinstitution, a financial institution identifier for a recipientfinancial institution, and a tokenized financial instrument of thesender; determining, using the financial institution identifier for thesender financial institution, the sender financial institution, thesender financial institution being a member of a payment network;providing to the sender financial institution the tokenized financialinstrument of the sender to enable the sender financial institution tode-tokenize the tokenized financial instrument of the sender andidentify an account of the sender financial institution associated withthe sender; receiving, from the sender financial institution, a senderprivate identifier generated by the sender financial institution, thesender financial institution generating the sender private identifierupon confirming the account of the sender financial institutionassociated with the sender; associating the sender private identifierwith the sender public identifier; providing to the sender financialinstitution the transfer amount of the fund transfer, the recipientpublic identifier, and the recipient financial institution identifier toenable the sender financial institution to determine availability ofmoney in the account associated with the sender to satisfy the transferamount of the fund transfer; generating a transaction identifierassociated with the fund transfer; and providing the transactionidentifier and a recipient private identifier to the recipient financialinstitution to enable the recipient financial institution to identify anaccount associated with the recipient to enable the recipient financialinstitution to receive an ACH message over the ACH network, the ACHmessage indicating payment from the sender financial institution to therecipient financial institution, the ACH message being generated by thesender financial institution and including the transaction identifier toidentify the fund transfer between a sender and a recipient, the ACHmessage allowing the recipient financial institution to retrieve moneyfrom an ACH batch transfer and deposit money into the account associatedwith the recipient.
 2. The method of claim 1, further comprisingvalidating that the sender has authorization to use the publicidentifier to perform the fund transfer.
 3. The method of claim 1,further comprising: receiving a tokenized financial instrument of therecipient and a recipient FI identifier associated with the recipientfinancial institution; determining, using the recipient FI identifier,the recipient financial institution, the recipient financial institutionbeing a member of the payment network; providing to the recipientfinancial institution the tokenized financial instrument of therecipient to enable the recipient financial institution to de-tokenizethe tokenized financial instrument of the recipient and identify anaccount of the recipient financial institution associated with therecipient; and receiving, from the recipient financial institution, therecipient private identifier generated by the recipient financialinstitution, the recipient financial institution generating therecipient private identifier upon confirming the account of therecipient financial institution associated with the sender.
 4. Themethod of claim 1, further comprising receiving the transfer amount ofthe fund transfer, the sender public identifier to identify the senderof the fund transfer, the recipient public identifier to identify therecipient of the fund transfer, the financial institution identifier forthe sender financial institution, the financial institution identifierfor the recipient financial institution, and the tokenized financialinstrument of the sender from an first online reseller of goods.
 5. Themethod of claim 4, wherein the first online reseller of goods tokenizesa financial instrument of the sender to create the tokenized financialinstrument of the sender.
 6. The method of claim 5 wherein the financialinstrument is issued by the sender financial institution.
 7. The methodof claim 4, further comprising receiving a tokenized financialinstrument of the recipient from a second online reseller of goodsdifferent than the first online reseller of goods.
 8. The method ofclaim 7, wherein the second online reseller of goods tokenizes afinancial instrument of the recipient to create the tokenized financialinstrument of the recipient.
 9. The method of claim 1, wherein therecipient financial institution transfers funds to the accountassociated with the recipient before the recipient financial institutionreceives the ACH message.
 10. The method of claim 1, further comprisingproviding a notification a request to a sender system requesting if thesender will accept the fund transfer from the sender.
 11. A systemcomprising: one or more processors; memory coupled to the one or moreprocessors, the memory configured to instruct the one or more processorsto perform a method, the method comprising: receiving transaction datarelated to a fund transfer, the transaction data specifying a transferamount of the fund transfer, a sender public identifier to identify asender of the fund transfer, a recipient public identifier to identify arecipient of the fund transfer, a financial institution identifier for asender financial institution, a financial institution identifier for arecipient financial institution, and a tokenized financial instrument ofthe sender; determining, using the financial institution identifier forthe sender financial institution, the sender financial institution, thesender financial institution being a member of a payment network;providing to the sender financial institution the tokenized financialinstrument of the sender to enable the sender financial institution tode-tokenize the tokenized financial instrument of the sender andidentify an account of the sender financial institution associated withthe sender; receiving, from the sender financial institution, a senderprivate identifier generated by the sender financial institution, thesender financial institution generating the sender private identifierupon confirming the account of the sender financial institutionassociated with the sender; associating the sender private identifierwith the sender public identifier; providing to the sender financialinstitution the transfer amount of the fund transfer, the recipientpublic identifier, and the recipient financial institution identifier toenable the sender financial institution to determine availability ofmoney in the account associated with the sender to satisfy the transferamount of the fund transfer; generating a transaction identifierassociated with the fund transfer; and providing the transactionidentifier and a recipient private identifier to the recipient financialinstitution to enable the recipient financial institution to identify anaccount associated with the recipient to enable the recipient financialinstitution to receive an ACH message over the ACH network, the ACHmessage indicating payment from the sender financial institution to therecipient financial institution, the ACH message being generated by thesender financial institution and including the transaction identifier toidentify the fund transfer between a sender and a recipient, the ACHmessage allowing the recipient financial institution to retrieve moneyfrom an ACH batch transfer and deposit money into the account associatedwith the recipient.
 12. The system of claim 11, wherein the methodfurther comprises validating that the sender has authorization to usethe public identifier to perform the fund transfer.
 13. The system ofclaim 11, wherein the method further comprises: receiving a tokenizedfinancial instrument of the recipient and a recipient FI identifierassociated with the recipient financial institution; determining, usingthe recipient FI identifier, the recipient financial institution, therecipient financial institution being a member of the payment network;providing to the recipient financial institution the tokenized financialinstrument of the recipient to enable the recipient financialinstitution to de-tokenize the tokenized financial instrument of therecipient and identify an account of the recipient financial institutionassociated with the recipient; and receiving, from the recipientfinancial institution, the recipient private identifier generated by therecipient financial institution, the recipient financial institutiongenerating the recipient private identifier upon confirming the accountof the recipient financial institution associated with the sender. 14.The system of claim 1, wherein the method further comprises receivingthe transfer amount of the fund transfer, the sender public identifierto identify the sender of the fund transfer, the recipient publicidentifier to identify the recipient of the fund transfer, the financialinstitution identifier for the sender financial institution, thefinancial institution identifier for the recipient financialinstitution, and the tokenized financial instrument of the sender froman first online reseller of goods.
 15. The system of claim 14, whereinthe first online reseller of goods tokenizes a financial instrument ofthe sender to create the tokenized financial instrument of the sender.16. The system of claim 15 wherein the financial instrument is issued bythe sender financial institution.
 17. The system of claim 14, whereinthe method further comprises receiving a tokenized financial instrumentof the recipient from a second online reseller of goods different thanthe first online reseller of goods.
 18. The system of claim 17, whereinthe second online reseller of goods tokenizes a financial instrument ofthe recipient to create the tokenized financial instrument of therecipient.
 19. The system of claim 1, wherein the recipient financialinstitution transfers funds to the account associated with the recipientbefore the recipient financial institution receives the ACH message. 20.A nontransitive computer readable media system comprising executableinstructions, the executable instructions being executable by aprocessor to perform a method, the method comprising: receivingtransaction data related to a fund transfer, the transaction dataspecifying a transfer amount of the fund transfer, a sender publicidentifier to identify a sender of the fund transfer, a recipient publicidentifier to identify a recipient of the fund transfer, a financialinstitution identifier for a sender financial institution, a financialinstitution identifier for a recipient financial institution, and atokenized financial instrument of the sender; determining, using thefinancial institution identifier for the sender financial institution,the sender financial institution, the sender financial institution beinga member of a payment network; providing to the sender financialinstitution the tokenized financial instrument of the sender to enablethe sender financial institution to de-tokenize the tokenized financialinstrument of the sender and identify an account of the sender financialinstitution associated with the sender; receiving, from the senderfinancial institution, a sender private identifier generated by thesender financial institution, the sender financial institutiongenerating the sender private identifier upon confirming the account ofthe sender financial institution associated with the sender; associatingthe sender private identifier with the sender public identifier;providing to the sender financial institution the transfer amount of thefund transfer, the recipient public identifier, and the recipientfinancial institution identifier to enable the sender financialinstitution to determine availability of money in the account associatedwith the sender to satisfy the transfer amount of the fund transfer;generating a transaction identifier associated with the fund transfer;and providing the transaction identifier and a recipient privateidentifier to the recipient financial institution to enable therecipient financial institution to identify an account associated withthe recipient to enable the recipient financial institution to receivean ACH message over the ACH network, the ACH message indicating paymentfrom the sender financial institution to the recipient financialinstitution, the ACH message being generated by the sender financialinstitution and including the transaction identifier to identify thefund transfer between a sender and a recipient, the ACH message allowingthe recipient financial institution to retrieve money from an ACH batchtransfer and deposit money into the account associated with therecipient.